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Gold/Mining/Energy : T.ITE: iTech Capital (TSE)
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To: Far Side who wrote (3268)12/18/1999 9:22:00 PM
From: Keith Minler   of 5053
 
Hi Jim; I know how you feel, it is a sickening feeling either way; to hold and see your profits evaporate or sell and see your stock run.

One technique you can use to sell and protect yourself from losing out if the stock turns and runs; is to use a buy on stop/limit order. Basically you instruct your broker to buy at a price above the current one with a limit on the upside to protect against a terribly high price in the face of no offers.

For example I sold out of Jdx in the mid $1.40's and put a buy stop in at $1.55 limit $1.70. Thus if I had been wrong and JDX had started to run my broker would have started to buy me back in at $1.55 up to an upper limit price of $1.70.
As the price drifted down I lowered the buy stop until it was eventually hit at $1.17. The spare change I made allowed me to buy an extra 6500 shares.

This method obviously does not get you in at rock bottom but does allow you to take profits and not sit paralyzed while paper profits fade away. Also if the stock does run you will pay a penalty in terms of commission and the in/out price spread.

If you attempt this be prepared to educate your broker, my human broker, didn't believe it was a legal trade method. Webbroken had no problem with it.

I got the method from an excellent book by Stan Weinstein; Secrets for profiting in Bear and Bull Markets.

Good Luck

Keith
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