Amateur investor here. I've done moderately well this past year, mostly just the market doing what it's doing, but I've made a few good choices and some other "learning experiences"
I'm wondering, how can I improve my strategy for stop losses while capitalizing on the greatest amount of gain possible?
I don't have the time or commitment to watch my holdings every minute. I want to have a better system of when I enter a position, setting up appropriate stops and also conditional trades so that I can take advantage of upswings but don't get burnt by sell offs.
Is it advisable strategy to set up conditional trades such as this: if you enter at $100 for example, set up a cobditional trade such that if the stock dips past - 3% below it's 30-day high, it triggers a market sale. Something like that?
Or what conditional trades do you use when you enter a position?