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Strategies & Market Trends : Trading For A Living

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To: Robert Graham who wrote (754)	7/6/1998 4:43:00 PM
From: dpl	of 1729

Robert,there are many kinds of daytraders.A longtime friend of mine trades stocks for "hours" during the day and may make many points on a stock when right.Also a lot of traders trade for 1/8 th's.I make between 1/2 and 1 point on a trade when right.When wrong I seldom lose 1/2 or more.A few weeks ago I lost 3/8 on XCIT.If I had sat on my hands about 30 seconds more I would have been even. The point I was making in my other post is that if you trade very ST and therefore keep an eye on things you should be able to limit losses.Your "system" or whatever should tell you when you are wrong.It is then up to you to "admit it to yourself" and pull the trigger.Because of this it is possible to trade very big positions.Most of my trades,for instance,last from a few min to maybe 30.A lot less chance for a stock to halt and go up or down 10 points.With a position trader this can happen anytime. If you daytrade and do many trades then there is only two ways to lose money. 1.If you are wrong more than you are right.If so you should do something else. 2.If you lose a huge amount on a few trades.If so it is your fault. David

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