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Strategies & Market Trends : The Final Frontier - Online Remote Trading
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To: steve goldman who wrote (2361)1/12/1998 11:22:00 PM
From: G.F.   of 12617
 
Steve, I agree with the need for discipline in following one's plan and am guilty of not following my own rules (which I have come to regret and will no longer do -- I swear). But why not build flexibilty into the plan. I do not see the necessity of defining one's self strictly as a daytrader or position trader. If you are sitting on a nice gain, and strongly feel that it will continue, take it home, or if you are risk averse, sell half the position and take half the position home. It is when you take home a loser that you are really looking for trouble, that is a given. Although, in today's market I am much less inclined to take home even a strong position.

GF

P.S. I realize that sometimes there are times when a gap down is not predictable and that it might be much larger than your gain, but gaps up happen as well. I say taking home a big position is risky, but there are ways to reduce risk albeit gain as well.
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