I was thinking about posting a question to the group today so am glad this topic came up. Jere - get used to the quick advance. In only a few months I've had several advance pretty quickly on me. I am realizing that when it happens fast (or even slow) I find myself wanting to lock in gains - but you want to ride the winners as far as possible so at what point do you sell half??? I want to have a plan in place ahead of time so if a quick advance occurs, I have a rule to follow that can be followed with emotions set aside. Emotions get in the way when prices are moving significantly.
In the book he says you can sell half after a quick advance and then ride the other half using the stops he taught. I am trying to get a good idea on how to come up with a formula to identify a level where I'd sell half.
Don't have one yet. I think it should depend on how far and how fast, and maybe the price target if one is available? I really don't know. Looking forward to others thoughts....
