I'm new to trading stocks, started maybe 5 months ago. I've taken a pretty conservative approach so far, made a little money but nothing major. Haven't even approached options because I don't understand them yet.
Long story short I bought a few stocks on Wednesday when everything crashed sharply. I set a stop loss for each stock at an appropriate level for my risk tolerance below my buy level to allow a little room to breathe.
Since then each of them has risen ranging from 5% to 14%. My question is, when the stocks start going up, do you adjust your stop loss up to secure profit should they fall again? I haven't lost any significant amount of money yet, but I've definitely struggled with an appropriate profit taking strategy, often times missing a good opportunity to take profits, or impulsively selling if it starts dropping sharply (I've been better about this part lately.)
Just looking for input here from other traders on what you've found most successful.
[link] [comments] https://www.reddit.com/r/stocks/comments/171mcq7/help_with_stop_loss/
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