Daytrading Canadian stocks in Realtime Message Board

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Gold/Mining/Energy : Daytrading Canadian stocks in Realtime

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To: the Chief who wrote (369)	11/27/1998 12:42:00 PM
From: Chad Barrett	of 62348

out of BII @ 4.68... but not proud of it... A lesson learned I guess... I got a business call when it was around 4.50... it took about a half hour to sort out, then I came back online... only to see that BII had a high of 5.10 and was trading in the 4.80's... I immediately felt that it had run up too quickly and would retrace more... so I went offline to call my discount broker and sell (or at least raise my stop loss). By the time I got a trader on the phone with me, the stock was in the 4.70's.... I asked him to put in a sell... for some reason he had a problem entering the order and had to put me on hold! By the time he got back to me I asked for a quote update... BII was now dropping into the 4.50's!! Now, the whole reason for my calling was to sell my shares while they were still up around the 4.80's because I felt that the price would drop back a bit... then I could buy back at about 4.50 or so... This is where I made my mistake.... I took a second to think (not very clearly though).... and then said to change the price of my sell... he gave me a fresh quote and the stock had bounced up into the 4.60's already... (at this point I should have known that the drop was over and that the direction was up again).... I told him to put my sell in at 4.68... and it was filled a couple of minutes later as the stock traded up into the 4.70's again... The problem being that I was supposed to sell while it was dropping... and buy back near the bottom... instead I didn't sell until it was on its way back up!! ... and the sad thing is that I knew it! I had predicted the market's movements correctly..... but because I am unable to trade "instantaneously" into the market I wasn't able to properly react to my intuition... and wound up making a mistake.. (which hopefully won't cost me too much money) I think I am learning some valuable lessons though... not the least of which is that you really do need the right tools to daytrade!! Chad

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