Just something I have been having a bit of fun with over the last couple of weeks.
You could do this with any broker, but I REALLY like the simplicity of doing this all within TradingView and using TradeStation as the integrated brokerage free broker.
Note: You would not do this if you were paying brokerage.
What I do is:
1. Create a list of WSB type stocks.
2. Watch in the pre-market to see which ones are getting the attention.
3. Try and buy as early in the move as your broker allows.
4. Add a stop loss a bit below your buy price - eg 5% or so. Nice and tight.
5. As the stock price moves up, start to break down your stop loss into lots of mini stops.
Idea is that as the stock moves up, you are moving your stops up, BUT rather than one big stop that gets your whole holding exited, you can place lots of smaller stops (even place some ahead of the price) so that as happens you auto exit some of your position hopefully taking profit along the way.
Rinse and repeat.
Definitely NOT trading advice. As before, it really is a silly idea, but hey its also a bit of fun for now and seems to work reasonably well for these kinds of stocks that spike big in one day and then start to equally quickly pull back.
Might be better to simply buy and hold them, but you never know when they will inevitably come crashing down, and more so which one is going to be the focus of the day.
Like and subscribe if you like it.
One of those videos you can skip through once you see the initial concept...
Just as a bit of an addon to my WallStreetBets Stonks video, this is a view of how you can see which stocks are moving up most aggressively in the pre-market.
Also these stocks move around so much rather than exiting my whole position as I would with an ATR based Trailing Stop Loss (my favourite kind of stop), I can use these micro stops to just cut some of my position but keep a portion in the trade unless there is a BIG pullback.
Also because these stocks are just vertical runners, there isn't typically any support or resistance or even moving average type areas you could use to establish the level or your Trail - beyond guessing say 5-8%.
Tbh I didn’t watch the video yet, just read the commentary. Will take a look!
Also, I’m in Sydney- are you setting these to run overnight?