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Strategies & Market Trends : DAYTRADING Fundamentals
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To: TraderAlan who wrote (3625)9/6/1999 11:54:00 AM
From: Tai Jin  Read Replies (1) of 18137
 
Okay, it's obvious that my technique is anathema to the scalpers and traders here. Of course, I don't like being in a losing position anymore than anyone else. I try to determine a top as best I can. As I said, the alternative to holding is to get out immediately and reenter later if the stock is still going the wrong way. That's probably the preferred method for most traders.

I've tried to short stocks on the way down and I can tell you that it's almost impossible to do until it gets near a bottom. Using ARCA in this case is actually the way to go since you can place a sell order below the market and it will try to fill you on any upticks.

Anyone who tries to trade like I did should understand the risk. You limit your risk by taking a small initial position. You have to be very confident of your chart reading skills. If you can't take the risk or are not very confident of your position then you should definitely exit immediately. I don't want people to think that my technique is the right or preferred method.

...tai
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