Daytrading Canadian stocks in Realtime Message Board

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Gold/Mining/Energy : Daytrading Canadian stocks in Realtime

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To: New Economy who wrote (19898)	7/28/1999 2:39:00 PM
From: keith massey	Read Replies (2) of 62347

you must follow Keith's advice and place tight stops because I got burnt with NNC when she was being dumped If NNC had crashed and burned you would have been thankful you had those stops in. If you have any read books which interview top traders (recommend The New Market Wizards or Market Wizards) you will find that most of them got whip out of nearly all of their account from one bad trade early in their trading life by not using stops. Almost all of those traders now swear that money management (e.g proper stops) is the key to success and I fully agree with them. It is not about placing "tight stops" but rather placing stops that indicate that the trend has changed because a key support has been taken out. How "tight" you want to place them is a personal choice and a money management decision. However if you keep them fairly tight and get stopped out for a small loss (or profit with a following stop) you you can always get right back in the trade if the trend changes back. Best Regards KEITH

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