Know When to Close a Stale Trade

<p>Everyone knows that timing is everything when it comes to trading. But timing goes beyond getting lucky on a big trade. Good traders have a plan and execution strategy for every type of trade they get into.</p><p>On today’s edition of Limit Up! Podcast, Dan returns after a bout with Covid (he’s ok!) to talk to Jack about the strategy behind timing. They discuss knowing when to close a stale trade, how the duration of time you’ve held onto a stock determines what you should do with it, and why you should commit to trading during certain hours. Most importantly: take time off!</p><p>Listen for their tips and strategy.</p><ul><li>(00:50) - On the mend</li><li>(03:03) - Trading against the clock</li><li>(05:45) - Types of traders</li><li>(07:46) - Scalping against bots</li><li>(12:07) - Closing stale day trades</li><li>(18:14) - Opportunity cost in swing trading</li><li>(24:28) - Position trading involvement</li><li>(29:09) - Long-term speculation</li></ul><br/><p>Limit Up! is a podcast brought to you by <a href="https://www.topstep.com/?utm_source=limitup_podcast&amp;utm_medium=cta&amp;utm_campaign=ongoing_limitup_to_tst&amp;utm_content=limitup_podcast" rel="noopener noreferrer" target="_blank">Topstep</a> about trading, trading psychology, trading life, and pretty much whatever else the wonderful world of markets has to offer. It’s hosted by two former professional traders, Jack and Dan, who still dabble in futures, forex, options, political betting—they basically love to follow the action. They’ll teach you how to trade, but more importantly, how to develop the habits that make traders good. Risk Disclosure: <a href="https://www.topstep.com/risk-disclosure/" rel="noopener noreferrer" target="_blank">https://www.topstep.com/risk-disclosure/</a></p><p><a href="https://www.topstep.com/" rel="noopener noreferrer" target="_blank">Topstep</a> is the premiere funding opportunity for traders looking to make the most of market opportunities without risking their own capital. When traders pass the completely-objective Tr