9 Minute Read

Tackle Today: Using Stop Losses

April 30, 2020

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An important part of any trading plan

Traders,

One of the most important things to do in any trade is to develop a trading plan.  We use the STEP method when building trades.  S = Stop, T = Target, E = Entry Trigger, P = Position Size.  Each of these components are especially important to your trade, and you should build your rules regarding each one.

Stop losses are best entered when you build your trade, but if you find yourself in a position that either your stop was cancelled on, or you simply don’t have a stop loss on for any reason, you should add one after the fact. 

Coach Noah did a video recently, where he shows traders how to add stop losses to an existing position.  If you ever find yourself in a trade that you don’t have a fully developed trading plan, you can always make and adjustment and adjust your trade with a new stop loss right away.

Chart of the Day

KR

Kroger (KR) has been an interesting cash-flow play over the last month. Grocery stores certainly have been busy and while there has not been that “run” on KR prices there certainly has been stability  creating a solid cash flow environment. 


Video of the day

Trading Basics: How to Place a Stop Loss

This video shows you how to add a Stop Loss to an existing position in Thinkorswim.


Rookie Corner

The Lonliest Game

Welcome back everyone, last week we expressed some common frustrations that traders face and we covered how these emotional events can affect our state of mind and in turn affect our trading results. We discussed things that we know can affect how we trade and we also talked about things we may not know that are affecting us

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Cashflow Club 8:30 PM EST

Held every Thursday before Friday’s option contract expirations, this show helps you perfect your favorite cashflow strategies.

Halftime Report 12:30 PM EST

The Halftime Report starts at 12:30 EST and covers what news is driving the market, chart analysis from the movers and shakers of the day and fun in a way that only Matt and Tim can deliver.


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