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Strategies & Market Trends : Market Gems:Stocks w/Strong Earnings and High Tech. Rank
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To: nokomis who wrote (61462)9/15/1999 10:28:00 PM
From: Jenna  Read Replies (1) of 120523
 
The importance of stops and buy limits: came home this evening to see I was carried into ENTU which I put in a buy limit, was still in EMLX,CAMP, CPTH, ALLR, was out of OCLI (with a loss of the morning profit of 1 1/2), still in HQ which was the code I gave a few times today, and ADBE was down 9.70% and I was out much earlier with 1/3 that loss (after a larger gain) which i posted.

You are going to have losses, every trader has losses, but how you react to your stock turning south should be mechanical for all the stocks.. If anything I get out before the 3-5% limit when the trade just 'smells sour' especially after a good 2-5 day swing trade. Let your winners run (with tight stops) but dump all losers, especially if they end the day with a wider loss. Had I not left this afternoon I would have sold OCLI way before the stock had triggered the stop and probably saved 1 or 3/4 point.

I sold RIMM way before the 3-5% rule kicked in and it was down today another 4.3%..sold WEBT at 2.6% loss and it ended the day with 5.54%. When you have a large profit, don't wait until the stock is down 7 or 8%. I sold CAMP with 5% gone from a hefty gain that first day it dropped (I was just stopped out of that one) and got back 3 times that in the last 2 trading sessions.

I didn't want to be in VERT since it was down and didn't hit my buy limit and that was fine. PRGS and BFCI were about the same and CMTN was still down sharply which is good. I would not average down and look for bargains in the IPO sector.. Remember that 70% of a profit is better than 100% of a loss. My only regret is not going short on a few more nets before I left this afternoon. Tomorrow I'll probably be shorting those that were up sharply these last 2 3 days like CMRC and watch others for shorting opportunities like AMCC and/or ASKJ.

Likewise I'd be watching those oversold for buying opportunities.. Purely technical triggers and nothing emotional or 'great future prospects' should sway you. If its got a great future, the stock will be up, if its down, you haven't missed anything.
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