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Strategies & Market Trends : The Final Frontier - Online Remote Trading
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To: TFF who wrote (792)11/3/1997 10:21:00 PM
From: GeneM   of 12617
 
irby: I totally agree with you. I have made all of those mistakes with the pennies. What I really was trying to impart to Tim was to hold and ride the winners; for day trading especially, one must cut his losses as quickly as possible. I drew an analogy with betting, where you have to tear up any losing tickets (for a 100% loss), whereas, at least with a stk., you don't lose until you sell (seldom, if ever, a 100% loss). But, I think I explained (at least I meant to) that the only time I hold a stk. overnite is when it's rising (so long as it merits holding; i.e., a large cap). I hope Tim didn't misinterpret that; as I explicitly stated that I set my parameters before I entered (e.g., a 2% stop loss), which I hope implied that he should cut his losses at a pre-determined point.

GeneM
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