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Target Practice

One of the perennial questions that I am asked is concerning price targets.  Specifically why don't we set a price target to sell at The flip side to that coin is a protective stop.  You will hear us talk about protective stops much more frequently on the downside than on the upside.  A true market professional uses protective stops to also maximize their upside.  You should not set a target price on a stock; it all comes down to the mentality of the trade.  This is illustrated with these two examples:

Example 1: 
You buy a stock at $4 and set a target at $6.  The stock climbs to $5.80 and then drops back down to $4.25.  You've just lost out on a huge gain because your target was not reached. 
 
Example 2: 
You buy a stock at $4 and set a target at $6.  The stock hits $6 and you sell.  You've made a nice profit.  The next week you're looking at the stock and notice it's at $8 Oh my by setting a target you just put a limit on your own gain bad move. 

Setting a target price is limiting your potential profit.  You are setting yourself up for the emotional side of trading because either you had something close and lost out or because you could have had so much more if you had just let it run.  You'll wind up torturing yourself over the trade because of what could have been.





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