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It's a question we see day in and day out.
"what's your PT (price target)"
There is no one size fits all answer to this. It's mostly new traders we see asking , so here's a thread to hopefully help some of yall out if you're still struggling to form YOUR own plan.
"what's your PT (price target)"
There is no one size fits all answer to this. It's mostly new traders we see asking , so here's a thread to hopefully help some of yall out if you're still struggling to form YOUR own plan.
First off it is imperative to know how to identify the key levels of support and resistance of a ticker you are watching. This is critical in forming your plan for potential entry and exits of your trade. Here's a video breaking down support and resistance
When identifying your ideal price target to exit a trade also depends on the type of trader you are and your overall goal. If you are newer and are looking to grow your account always remember small gains add up. So trade conservatively and don't swing for home runs every trade.
Have a short memory. By that I mean if you take a loss on a trade, get out, forget about it, and move on. Focus on your next trade. Losses are inevitable. No matter how great of a trader you are you're going to have losing trades. That could be the difference in being a great..
Trader and blowing up your account. Minimize your losses and don't hold onto hope that the stock will turn around and make your money back. Make it up on your next trade.
Never question or beat yourself up for locking in gains exiting a trade, even if it continues to push higher because I can promise you that you will be kicking yourself if you had the chance to make money, but watched it go red because you are "hoping" for more.
Use more experience traders info to strengthen YOUR plan. Don't take it as the gospel. They have their own strategies they have developed over many years that they have found work for them.
I know it's monotonous and it may get old, but seriously, do your own due diligence. There is no substitute for hard work and when you know what you're buying into you can trade confidently and not be swayed by these clowns in the forums telling you a stock is dead.
I know it can all be overwhelming when trying to figure out where to start digging for your own DD so I will make a separate thread in the future touching on my process and criteria I use to when trying to find my next potential trade.
Sorry for such a long thread, but there is so much that goes into formulating a plan and I want to be as thorough as possible, but if there is something that you may have a question about still and if you need any help, feel free to ask. I want to help any and everyone I can. 
