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Strategies & Market Trends : DAYTRADING Fundamentals
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To: TraderAlan who wrote (1288)6/22/1999 9:04:00 PM
From: dave carroll   of 18137
 
Great point about the need for an overall strategy. The one quote I keep as a mantra goes something like :"the worst trade is the one you don't make." I've found that if you're gun shy and you watch a trade you ALMOST made go exactly the way you had planned, your inevitable frustration leads you to find other opportunities where there are none. If you trade entirely via discretion, such a mental breakdown can be deadly. It seems my worst trades often come about an hour after I cancelled out of a position which would have turned into a big winner. A strategy can (I think) help in pulling the trigger when you need it to be pulled, and pulling the reins in when the need to be.

FYI-all the regular posters here are awesome. You guys should get together and write a book. It would probably take about two weekends and could blow away any text strictly on daytrading out there.
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