Took early profits today in CBS, here's the chart:
I had plenty of time left for this trade to work out, but I took early profits today for the following reasons:
1. We just had a big move up (white candle 3 days ago) and it looks like the sellers might push back a bit here.
2. An alert came through that there was an order imbalance for the sellers. This means that a huge amount of sell orders were coming in. So, there's a good chance this stock will go down (at least temporarily before going back up).
3. There were some other good setups to use this same trading money for today.
4. A bird in the hand...
So, I took profit. This was originally bought for $2.50 and I sold it today for $2.95 for a $0.45 gain in 17 trading days for an ROI of 18%.
Nothing spectacular, but still a profit. It's the consistency you want, just consistent profit. Yes, there will be losses. Yes, there will be BIG QUICK gains. But, it's these type of consistent profits you want.
It's kinda like baseball, you want to be a consistent hitter. Just keep going for those base hits - don't try to knock every trade out of the park - or you'll end up striking out more than hitting home runs.
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