Stocks & Commodities V. 25:9 (19): Q&A by Don Bright

Stocks & Commodities V. 25:9 (19): Q&A by Don Bright
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Q&A by Don Bright

IS AUTOMATION THE ANSWER?

Iíve been trading for about seven months. Iím a good trader when it comes to entering trades and gauging the marketís strength and direction, but I have no risk tolerance, perhaps because I donít have a lot of money in my account and I tend to butcher the trade (for example, I was in the airlines before the market yesterday but got out way too soon, and they were the strongest sector). I thought the best method might be to get an automated program that would exit my positions for me, thereby getting rid of the emotional factor thatís killing my profit potential. What do you advise traders as the best way to overcome this large obstacle? And do you think an automated program is the answer?óJoseph

Your concern is a common one when traders are trying to play with too little money ó like being short-stacked in a poker game, tough to compete.

Automating just might make things worse ó visual monitoring and reading the market is still better than any computer program. For example, you buy something at 31.20, plan an exit at 31.55.




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