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Strategies & Market Trends : DAYTRADING Fundamentals
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To: Eric P who wrote (854)6/16/1999 8:05:00 PM
From: Maarten Z  Read Replies (3) of 18137
 
Eric - excellent thread.

Lots of good knowledge. I would be interested to hear from some
of the participants what issues they actively trade and what type
of mannerisms the issues show.

For example I trade AMZN on a daily basis. (others as opportunity
presents itself) but I felt that it would advantageous to learn the
nuances of a single stock and develop a more intuitive approach as well as TA.

I only trade 200 share lots which is comfortable for me. During the
trading day I use two intra day charts; 2 min chart for
entry/exit points and 5 min chart with envelope bands for determining
R/S. I only use Level 2 at the moment of entry/exit. I stick to
watching my two charts and T/S as I feel there is too much noise
coming from L2.

Obviously I am not scalping 1/8s <G>

I try for a minimum of 3/4 pt per trade. When I first started it
was difficult to achieve on a regular basis however I noticed that most of my losing trades were not due to faulty analysis or terrible entry points it was due more to placing too tight stops.

As my goal was 3/4 pt - I used a 3/4 point stop This was way too tight for a volatile stock like AMZN. I then experimented with various stops and settled on 1 1/2. While this does expose me to a
greater loss when my entry points are incorrect it has significantly improved the percentage of winning trades especially
when timing reversals.
I suppose the lesson here is that stops cannot be simply a percentage
of the dollar amt of trade - the normal price fluctuation of an issue needs to be factored in.
I'm sure this is old news for most of the thread but for me it
was a revelation <gg>

MaartenZ
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