The Star Traders 10 Commandments!
Hail all Star Traders!
As veteran Star Traders, we all know the rules and stick to certain codes of conducts while trading. Over time, it has almost been proven that this unwritten code of conduct has been one of the critical deciding factor behind the success of a Star Trader.
I am writing a free eBook for all Star Traders calling it our "10 Commandments". This is intended as a collection of thoughts from not just myself (the longest Star Trader in the world) but also from all of you!
This is what I need you to do... Please comment to this post what your thoughts are and after I have collected enough, I will compile the eBook and give it free to all Star Traders. :) Here's one to kick start this process : #1 : Star Traders NEVER chase a missed entry.
Let's hope to do this over the next 30days and see what we can come up with. :)
Jason Ng
Founder, Masters 'O' Equity
www.MastersoEquity.com
"Your Personal Stock Option Mentor"
As veteran Star Traders, we all know the rules and stick to certain codes of conducts while trading. Over time, it has almost been proven that this unwritten code of conduct has been one of the critical deciding factor behind the success of a Star Trader.
I am writing a free eBook for all Star Traders calling it our "10 Commandments". This is intended as a collection of thoughts from not just myself (the longest Star Trader in the world) but also from all of you!
This is what I need you to do... Please comment to this post what your thoughts are and after I have collected enough, I will compile the eBook and give it free to all Star Traders. :) Here's one to kick start this process : #1 : Star Traders NEVER chase a missed entry.
Let's hope to do this over the next 30days and see what we can come up with. :)
Jason Ng
Founder, Masters 'O' Equity
www.MastersoEquity.com
"Your Personal Stock Option Mentor"
posted by Jason Ng at 1:23 AM
1 Comments:
Arunashome,
You brought up an exceptionally good point! Indeed if a stock rises by a significantly large amount intraday, it is very likely to consolidate over the next few days and it is indeed in the spirit of this strategy to take profit at those peaks automatically.
This is what I am going to do : I am going to see what level of rise optimises profit taking to an effectiveness of about 90% using historical data and then come up with an addition to the Star Trading System profit taking rules. It should be in the form of a contingent trade on top of our trailing stop loss based on a percentage move of the underlying stock in our favour.
Thank you Arunashome for raising this excellent point and to help develope the system.
Jason Ng
Founder, Masters 'O' Equity
www.mastersoequity.com
"Your Personal Stock Option Mentor"
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