that has to be watched andexecuted in a fashion that does not go against your trading plan. Thereare cases where one or the other will work best, but it is up to yourprogress and understanding to know in what cases which one will workbest. A simple mechanical approach to executing relating to a lack ofunderstanding of how stocks are executed will not allow this progressto develop.
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TRAILING STOPS
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In the previous paragraphs, I have been mainly talking about stops whena trade moves against you. The next kind of stop relates to when the stockis moving in your direction. This is called the trailing stop. The trailingstop again can be mental or auto depending on both the methodologybehind the trade as well as your reasonable ability to execute the exit.Trailing stops simply refer to moving the stop price in the direction thatthe stock is moving to lock in better profits.For example, if I bought a stock at 40 and it was trading at 41, I maywant to trail my stop higher to 40.50 in case it pulled back. This way Iwon’t give up more than a half-point in profits. If it climbed to 42, I againmay trail my stop to 41.50. Eventually, one of two things will happen.Either my beliefs will change about the value of the stock, that it is toohigh, and I will sell the stock at this price level or the stock will pullbackon its own profit-taking and hit my trailed stop. Either one of these scenarios enables me to lock in better profits as the stock moves in my direction while taking reasonable profits along the way. Obviously, if I boughtthe stock at 40 and it fell below that price or whatever my stop price was,then I would execute the stop loss instead of initiating a trailing stop. Thisis clear since the stock no longer exhibited a performance consistent withmy beliefs, so I would exit the trade with a small loss.Now that we’ve gone over a few of the ideas and mechanics of stops,we need to discuss the psychology behind why stops are so hard to keepfor newer traders and, in some cases, experienced traders as well. I haveseen so many traders in my own room and heard about many others thathave ended their careers because of that one stock that “had to comeback” but never did. Eventually, the pain of loss became so great orworse, yet a margin call came, and they had to quit trading before theyever had a chance to see if they really had the abilities to become goodtraders. It is said that 70-percent of daytraders fail. A percentage of thisfailure rate is due to the inability to keep a tight stop loss. It only takesone bad trade to wipe out a portfolio. Don’t let this happen to you.A stop loss should never be seen as a negative thing as long as it istaken in the right steps of the trading process. As long as the stop priceis determined and executed, the stop loss can be taken to ensure that youcould come and trade another day. If the stop loss is more than desiredbecause the previous stop price was overlooked or missed and not executed, then this is a personal flaw more often than not. Although I saythat stops are the sole responsibility of the trader, I understand that at
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some points in time they are out of control of the individual. In thesecases, we may have a technological glitch that removes our connectionto the markets and by the time either a broker is contacted or the connection is restored, the trade has moved past your stop price. AlthoughI understand this can happen, and it has happened to me, this is not apart of the stop loss process that we must focus on.However, should this type of uncontrollable trading occur, there isa smart way to go about handling this case. If you are in a trade and theconnection to the markets is lost, the idea is to stay calm and follow afew steps. First, go to your backup connection if you have one while youare calling your broker. Depending on which broker you use, you mayor may not get the information you need to stay in the trade. If your broker is good about feeding information so that you can determine the continued momentum, you may want to stay in the trade until you canrestore your connection or the trade pauses and momentum slows. Ifyour broker is not good at this, then your only choice is to exit the trade.Many times I have seen traders in the MTrader chat room lose theirquotes but not their ISP connection to the room and have other experienced traders watch the momentum and trade as you restore your connection. If you do not have this sort of support, it is normally best to exityour trade until the connection is restored and stable.Going beyond the technological problem of not being able to keepa small stop loss is the emotional part. Many newer traders tend to viewa loss as a negative impact on their trading portfolio or take it personally as a negative reflection on their ability to trade. Many traders seemto believe that lost money is lost self-worth. This couldn’t be further fromthe truth. A small stop loss taken is a sign of a disciplined trading program that one adheres to. It both instills confidence in your trading ability from an execution standpoint and enhances your reasoning fortrading. When one goes back through one’s trading journals and seeshow much money is lost due to wider than desired stop losses, he or shewill be amazed by the difference.The other side of the issue is that many will key on those trades thatcame out as profitable simply by holding the stock and letting it comeback to profitability. Again, this may work for you 9 times out of 10, butif the tenth time does not work out, you stand the chance to lose the profits from the previous nine times. Also, a strict stop loss regimentemployed in this fashion will begin to tell you about your entry and exit
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points relative to timing and execution ability. This simply means that ifyou are taking numerous small stop losses while not providing enoughgains, you are doing one of a couple things. You are either not enteringclose enough to the best price for the reversal or trade direction (chasing) or you are simply trading a plan that is not working for you. Taking100 stops and losing $5,000 versus taking one blown stop and losing$5,000 will enable you to better assess your trading plan with more practice and experience under your trading guidelines. One trade won’t allowyou to know whether this trading plan is working or not. Trading moreactively and assessing the win/loss and profit/loss ratio on this idea willgive you a sense of how effective the plan is. Again, realize this is amomentum trader’s plan and not an investor’s plan, where one or twotrades a year may be normal.When a trader can begin to understand that a small stop loss or predetermined stop loss is a function of a trading plan, then they begin tosee stop losses as a positive. This shift of psychology within a trader willultimately help them to either achieve success or come to the realizationthat this method simply is not working for them. Acceptance of a smallloss comes from a lot of personal change in many traders. Ego in a tradercan play a huge role in not coming to this acceptance right away. Manytraders feel that the reason they are in the trade is because they are right,and the market and everyone else is wrong. Therefore, they will cling tothe issue until bankruptcy to prove themselves right. Unfortunately, youcan see the detriment that this serves to traders. Getting rid of one’s egoand stubbornness to prevent holding a losing trade and cut the lossesimmediately is a big step toward understanding stop loss executions. Isimply look at a stop loss as a way to protect my capital from larger losses.I know an investor that bought Sunbeam Corp (SOC) in theteens before it made the run over 50. As it moved over 50 several monthslater, I told him to keep a stop loss near 50 to lock in profits. A nearly300-percent gain in less than two years on your money is certainly nothing to give up because of external hope that the stock will continue.However, negativity dumped the trade to low 30s and eventually tounder $10 a share over the course of the next couple of years.Unfortunately this 300-percent gain turned into a tax write-off. Risks areinvolved both in investing and momentum trading. Keeping a stop, trailing, auto, or mental will serve you best as you continue. Ego and hopewill not allow one to continue a consistent trading plan over time.
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MONEY MANAGEMENTAlthough the idea of money management to me is one of the most important aspects of trading, it is surprisingly how little it is discussed inmany trading forums. My idea of money management is being able tokeep losses small no matter how much money is being placed into thetrade. Some traders tend to think in terms of lot size per trade, while others tend to think more in percentage terms. Let’s look at each issue separately, as I feel both have their merits depending on what style of tradingyou have.First, let’s discuss the share lot size. Many traders, as they becomeefficient with their trading executions, look to increase their size positioninto the trade. This share size tends to not change with respect to stockprice, meaning that traders will trade 1,000 shares whether the stock is$2 a share or $100 a share. Obviously, the comfort level of trading 1,000shares will come in time to newer traders, while an experienced traderwill think nothing of it. Notice that in this scenario, a trader will risk either$2,000 or $100,000. Although the share lot is the same, the percentage ofthe portfolio has obviously changed dramatically. For purposes of thisdiscussion on money management, I will assume that trading 1,000shares from an execution standpoint is relatively easy and does not posea problem to take a wider than expected loss. However, assuming that atrader sees a trading opportunity in a more moderate to high-risk scenario, they will simply drop their share allotment to the trade.In this case, instead of trading 1,000 shares, they may only trade 500shares, capitalizing on the move but not opening them to more portfolio risk, should the trade provide too much difficulty in the executionphase. This change in thinking towards each trade can only be assessedfrom a personal viewpoint in the trader’s willingness to add this extrarisk and playing smaller shares. Many times I see this scenario in my owntrading. However, times occur when I see this in other’s trading and Iwould not employ this strategy. There is no right or wrong as traders aredifferent and each decision is made on their own merits as a trader. Themarket will ultimately decide if the trade was right or wrong, but it willbe the responsibility of the trader to execute the exit strategy.Each trader must determine how tight to keep his stops and howmuch of a percentage of his portfolio he is willing to risk on any onetrade. One trader may feel comfortable with keeping a .15-point stop loss,while another feels comfortable with .40 of a point. This is all determinedby portfolio size and a willingness to lose a certain percentage of yourportfolio on any one trade.
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For instance, if your portfolio size is $50K, you are in a trade with1,000 shares at $50 per share, and your stop is .25 of a point, then yourloss potential is $250 plus commissions. If your portfolio size is only$25K, then your loss potential is still $250 but twice the percentage lossof your total portfolio. Market conditions may require you to loosen upyour stops at times, but the number of shares should be adjusted to fitthe total amount of loss you are willing to accept from your entire portfolio. You may want to only purchase 500 shares instead of 1,000 if yourportfolio size is 25K on a $50 stock to keep the total percentages in linewith your percentage loss program.However, that being said, I am a firm believer in keeping your stopstight. After all, if the momentum has shifted against you, then the reason you originally entered the trade is no longer valid. This ensures thata good stop loss regiment will keep your total losses small. This assumesthat you have the character and strength in your own trading plan to execute the stop loss when it needs to be stopped out, not changing the planin midstream. Money management is a beautiful thing when employedin the right fashion for momentum traders. It helps to alleviate takinghuge chunks out of your portfolio.The learning curve can be fierce and your greatest resources includetime and money. Fortunately, sometimes these are mutually exclusive,but often they are not. Give yourself enough time to let the trading planwork. Taking huge chunks out of your trading portfolio early in the learning process will not allow for this learning period to be long enough tocatch on to the gist of the trading strategy. Obviously, if you are tradinga small portfolio under $10,000, you have a harder road ahead of you interms of share size and different price levels of stocks. However, whetheryou have $10,000 or $1,000,000, the principles of stop loss and moneymanagement must still be adhered to.Be strong enough to accept the loss as a matter of safety, not personalnegativity and disgust. If you can’t get rid of the ego or the inability toexecute stop losses when you know they should be taken, you may wantto reconsider your choice to continue trading. You will save a lot of time,frustration, and money by doing so. Give yourself a chance and employthe described discipline in this chapter that best fits your abilities.
GOLDEN RULES OF TRADINGAny trader’s system has to employ some kind of rules for themselves.The most important aspect is learning to execute these rules and,
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surprisingly enough, knowing when to break those rules. For me, breaking these rules resides in the part of trading when one moves frommechanical trading to including a more intuitive sense of the markets.Although everyone has their special set of rules, I have listed those bywhich I trade everyday. These Golden Rules of Trading have been developed by me over the years and should be memorized by the student. Isuggest you print them on a poster and put them on the wall where youtrade. The breaking of trading rules for the most part leads to confusionand losses. You will no longer be confident and exercise good judgment.I have had students toss out the rules by “trying things.” When youhave fast profits, there is the temptation to experiment with them. If youare successful, at first it only reinforces bad habits. The losses will comefast and I have seen traders lose nearly all they have. If you do not knowwhy you are losing, you are in serious trouble. I look at losses as tuitionif I learn. I try to not get upset if I have followed the rules and executeda high percentage trade correctly. Every trader must deal with losses.Getting over the emotional part of trading, especially in a loss, is the mostimportant concept to master. Do not be tempted into a “forced trade” totry to make up a recent loss; patience is your friend. Take only what themarket offers.
GOLDEN RULE #1: CLEAR YOUR SPREADMACR Bid 9.20 Ask 9.25 Vol 433600 High 9.25 Low 9 Current 9.20Clearing your spread would mean buying MACR at 9.25 and haveenough buying occur as the bid up-ticks from 9.20 to 9.25. If you had tosell at this point at 9.25, you would get out even with the only cost beingyour commission. You have purchased opportunity. Do not fall into thetrap I see all the time of predicting the price it will go through. Deal withthe here and now and not with the pie in the sky. You have succeeded inyour trade when the spread is cleared; that is your goal. The minute thebuying stops and the exact opposite begins to occur, I sell! I do not carewhat the price is. What you have made is irrelevant.The reason you bought the stock is no longer true when selling startsif you went long. Remember that traders begin to trade on a belief system that says the stock will move in a desired direction from where theyentered. Once the belief system throws a change into this expectation, theexit strategy must be automatically executed. Should the belief systemnot demand an automatic execution of the exit strategy, the belief system fails to be something that we can rely on. If you can’t rely on your-
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self in trading, then you are setting yourself up for certain failure. I oftensee the following comments:“I sold it; now look at it. It’s 5 points higher from where I sold it. Iam a terrible trader.” or “Hey, use me as a contrary. If I buy it, you guysshort it. Heck, I should just do the opposite of what I think and I’d makea ton of money.”If this is your thinking or if you have ever thought in this manner,either change it or stop trading right now. If you can’t rely on your ownbelief system, then there is no reason to trade on the stock market on anactive basis. It would be best to put your money in mutual funds or U.S.Treasuries so you don’t have to think about it. In this rule, once the stockclears your spread, your stop loss target should be made and exit intothe price area where your belief system changes. Anything that happensafter that, whether profit is missed out on or not, is left to the othertraders. You took out of the trade what you could and you profited orlost from it. Don’t let this hindsight trading mindset ruin your tradingplan.
GOLDEN RULE #2: TRADE THE RULE, NOT THE EXCEPTIONOnce you have adopted rules of trading, the stocks that present themselves for a trade must fit into the guidelines of your rules. This is whata trading model means. Twenty-twenty hindsight is the biggest cause forbreaking rules. Five seconds after a stock has started either up or down,a trader always says to him- or herself, “I should have known it woulddo this!” The more a stock moves up, the worse you feel for not “trying”the trade. Many times I have purchased a stock, cleared my spread, andsold at the first hint of selling, making .25 of a point. The stock would godown as I expected and then start up another dollar. Unless you knowthat a large percentage of the time the trade does that, you will betempted to stay in stocks that erase your profits.Some stocks can fall quite rapidly, leaving you with huge losses. Ihave seen traders lose months’ worth of profits in one of these trades.You are purchasing insurance against that happening by selling as soonas the reason for the purchase is no longer valid. Know how the tradeusually reacts by carefully tracking your trades and patterns. Find thegeneral patterns that occur with every type of momentum stock. The onesthat react predictably are the rule, and the ones that don’t are the exception. Know the rule and let the exception go. An exception will reinforcebad trading habits, especially if that trade was profitable. Quite often, Isee traders who make huge one-time profits breaking rules, only to be
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down significantly shortly thereafter. My rules of trading have successfully preserved my profits through many market changes.
GOLDEN RULE #3: STAY AWAY FROM ILLIQUID STOCKSIlliquid stocks generally have high spreads and move extremely fast onlow volume. What goes up fast will go down faster. If you are on thewrong side of an illiquid trade, your losses can be excessive. My onlyexception is if I see a news story a few minutes before the market close,and I know the story was exceptional, I may be more prone for a buy andexit into strength in the after-market or pre-market the next day.Recently, a news story hit the wires on a low-volume stock and Iadvised a student to stay out. The stock went up $3, which was the exception. He was lamenting all day long that he did not do a market buy atthe beginning. The stock moved so fast from the initial rally price that amarket buy is the only way he could have gotten in. Use extreme caution on market buys. When you do trade with a market buy, you are trusting your broker to execute in a timely manner. In a fast-moving stock,your execution can be several minutes from the time you place theorder. You may actually buy at the top of the rally and not know it dueto delays. By the time you confirm the order, you are down the $3. Iknow; I have done it, only once. I learned fast.Sometimes a funnel effect occurs with fast-moving stocks as theorder queue fills up and prevents you from doing a fast market buy.Everyone wants in at once. My advice is don’t trade illiquid issues thatcan be just that. Loss control is the most valuable tool for any trader.Almost every illiquid stock that has any movement in it at all hasvery large spreads of .50 to one full point. Stay away from stocks like thisat all costs unless it is one that has just invented the cure for cancer inthe last 10 minutes!
GOLDEN RULE #4: USE CAUTION WITH STOCKSWITH SPREADS OVER .25This rule is in place to limit your losses. Any stock that changes thespread dramatically should be avoided. I have been in trades that can beunder heavy buying when the market maker drops the bid .35 as he seesselling orders hammering his bid price. Remember if he isn’t a true buyerof the stock, he won’t be too willing to buy a lot of that stock at insideprice levels. When I see this, I exit immediately and never trade that stock
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again. .35 plus .15 original spread cost me .50 a point loss. Any selling atall and you will be down one dollar in a hurry.DATM BID 38.50 ASK 39.50 HIGH 39.50 LOW 36.90 CURRENT 38.50MACR BID 9.20 ASK 9.25 HIGH 9.25 LOW 9 CURRENT 9.20Notice the spread on DATM above is one full point, and the volumeis only 92K. This is typically a trade to stay away from. If you buy DATMat 39.50 thinking it may go up, and the buying stops and selling comesin, even without a down-tick, you are already down one full point. If youhad 500 shares of this stock, you would be down $500 from the start. Onthe other hand with MACR, if you bought at 9.25 and selling came in,you would only lose .05 before the down-tick. If you bought 1,000 shares,that is only a loss of $50, quite a difference.
GOLDEN RULE #5: KNOW WHY YOU GOT INTO A TRADEAND GET OUT WHEN THAT REASON IS NO LONGER VALIDThis rule is probably one of the most difficult to teach as it involves egowith each trader. It is especially difficult early on in a trade to admit thestock is heading in the opposite direction you expected. I have seentraders paralyzed to inaction when the buying turns to selling. This isespecially true when you have profits in a trade, but the profits are notas great as you had hoped.When selling starts, your insurance policy against a fast and continual retreat down is your sell. When the trade dips down and startsback up to a higher price (stair-stepping), 20/20 hindsight alwaysseduces you to hold the next trade and not take early profits. Only holdthrough stair-stepping if you know that a high percentage of the time,the type of momentum trade you are in usually stair-steps in your favor.I cannot emphasize enough, selling the trade is your insurance policy (seeFigure 12-1).Notice that USCS made three bottoms, the first at 24, the second at20.25, and the third at 18.35. I recently had a student who purchased thisstock at the first bottom, made .15, and then bought it again at the second bottom. Notice it did not bounce from the second bottom and thelogical exit point was .15 below his entry. The reason he bought the stockwas no longer there, it was no longer getting bought, and the selling camein. He did not sell and lost nearly $1,000 when he finally exited the tradeat the third bottom. Know why you bought and when that reason is nolonger there, exit the trade at your predetermined exit point every time.
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GOLDEN RULE #6: PAPER TRADE UNTILYOUR SYSTEM TRADES ABOVE 90-PERCENTTraders with small portfolios cannot afford many losses. Their system oftrading must allow them tremendous gains to make a living. Paper trading is an exercise in patience and in the long run keeps the money in theproper pocket: the traders. Every time I try something new without papertrading first, I lose no matter how good it sounds in theory. If it is a solidmethod, it will hold up over time. I have known traders who wereaddicted to trading and were continually trying new methods. Theywound up confused, frustrated, and broke.When traders begin to move away from paper trading to using realmoney, the problem is that they have a fear of pressing the execute button because real money is now involved in the trading plan. From this,we teach our traders to use small shares in the beginning. This does twothings. First, it does not offer much loss potential for those trades thatturn out to be negative. Secondly, it enables a trader to get over the fearof pressing the buy and sell buttons. In doing so, traders can begin to bothpractice their execution ability as well as eliminate some of the emotionalfears of trading. It is a long process to become proficient at executing andeven longer to control one’s emotions. Trading small shares in the beginning will help.
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GOLDEN RULE #7: TAKE PROFITS WHEN YOU HAVE THEM!
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Although I have found it generally true that more profits can be madefrom a stock if you ride out the selling on a stock that is going up, thosethat reverse and continue down can do so at such a rapid pace that thelosses can be excessive. One of the biggest faults traders continually haveis to second-guess a stock’s movement. They continually second-guesstheir trades by allowing 20/20 hindsight to dictate their trading. The second after a stock moves in a certain direction, a trader will say to himself, “I should have known it would do that!” Remember you can onlygo with the flow at the moment. If a stock is selling at $10 per share, youcannot know if the next low is 3 or the next high is 20. Daytraders livein the moment. I take my small profits and wave good-bye no matterwhat the next direction is. I have never been sorry.FORE is such an example (see Figure 12-2). I had a student whoshorted FORE on 8⁄12 at the open. He exited the trade when the sellingstopped and made .05 of a point. Not much of a profit, but he stuckto the rules and avoided staying with the trade. He missed out on a 1.5point rise and saved himself from making a $1,500 mistake. I make my
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profits in the same manner as a taxi driver makes his, one trade at a timeand in small percentages. I am happy with .25 to .50 point gains, as theyadd up quickly.
GOLDEN RULE #8: WRITE DOWN THE TIMETO THE NEAREST MINUTE YOU PLACED YOUR TRADEThis rule is intended for those who use broker expectation systems.Brokers are human and they make mistakes. I have had trades executed10 minutes after I placed a market sell! I called my broker and complained, giving him the time I placed it. Not only can you get a betterexecution price, but you can test the quickness of your broker’s services.If the stock is going down rapidly, you can lose a lot with slow executions. You should have a reasonable idea of how long it takes to executeyour trades with each of the different stock exchanges.
GOLDEN RULE #9: KNOW THY SOURCEAs you begin active trading, never rely solely on the advice of others.Plenty of self-proclaimed trading gurus out there are nothing but stockhypers with less than stellar intentions to separate you from your money.Remember that everyone has their way of trading; it is up to you developyours. Listening to reputable traders will give you insight into tradingmethods and underlying information, but in the end, it is you that hasto press the buttons. Learn with a bit of skepticism to keep yourself inreality. Apply what works for you and throw out the rest.
GOLDEN RULE #10: KEEP STOPS AND ADHERETO MONEY MANAGEMENT PRINCIPLESStop losses again are your insurance policy to alleviating more downsiderisk. Although I know of traders that have made profits in the six-figurerange, starting from as little as $10,000, I also know the ability to do thisis much easier for those who have a large capital base. However, the moremoney a trader has does not make them a smarter trader. Money management principles and the complete understanding of margin rules area necessity. If you come to a situation where you get a margin call, thiscan wipe out your portfolio in the blink of an eye. Keep stops manageable and reasonable, and don’t place all of your money in one trade.
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GOLDEN RULE #11: KNOW THY ABILITIESThe ability to make money here and there on unsafe stocks such as IPOissues and low float runners will ultimately kill you on one or two trades.There is no way to safely trade fast-moving stocks or exceptions. Enoughsafe opportunities occur during the trading day that we need not haveto risk our capital base on high-risk trading.
GOLDEN RULE #12: OVERNIGHT GAP PLAYSARE TO BE TRADED ONLY WITH RISK CAPITALOvernight gap plays assume much risk. There has to be a stable to strongmarket in the morning and even this doesn’t guarantee a gap up. My bestexamples of this were on SDLI and RBAK in June of 2000, shown inFigures 12-2 and 12-3.The market looked fairly positive in pre-market conditions, but bothRBAK and SDLI gap plays traded lower by better than 5 points. A 5-pointhit in one trade is unacceptable in momentum trading and could verywell take a huge chunk out of the trading portfolio. The risk is higher,so if you are playing with a limited capital base to begin with, be sure totrade what you have control over, not trading overnight risk.
GOLDEN RULE #13: ACCEPT RESPONSIBILITY FOR YOUR TRADINGNo one has told you to trade the markets, nor are they making you buyand sell stocks. The ultimate decision to trade is yours and yours alone.Profits can be enjoyed by you and losses have to be accepted by you.When you begin blaming others for your mistakes, whether it includesMarket Makers, brokers, or those with “tips,” you are displacing blameto an area where it doesn’t belong. Responsibility in your trading stayswith you always. If you ultimately need to leave trading, then you willbe able to tell yourself that you made all the necessary moves to progressand it just didn’t work out. If you succeed, you can relish the fact that itwas solely you that made this opportunity happen. Teachers and colleagues will help you through the process, but win or lose, the tradingis yours.
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GOLDEN RULE #14: HAVE THE STRENGTH TO QUIT WHENIT’S CLEAR IT’S NOT WORKINGI have seen a few traders in the room lose their entire portfolios, saveanother $5,000, lose it again, and complete the cycle again. Have enoughcharacter to know when enough is enough. Trading isn’t for everyone.There needs to be enough inner strength within you to know when it istime to pursue other avenues in life. At the very least, you leave with anincreased sense of market awareness that you didn’t have when you firstbegan