DAYTRADING Fundamentals Message Board

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Strategies & Market Trends : DAYTRADING Fundamentals

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To: E. Davies who wrote (5325)	11/11/1999 6:50:00 PM
From: cloudless	Read Replies (2) of 18137

Hi Eric, I'm new to trading and I sympathize with your question. One of the (many) books I've read said one has to be very clear if they are trading or investing. I think I confuse the two - not wanting to get called out on a stock or thinking it will begin to edge up "soon" because the stock is "a good one to own". One of the books said one has to have a system and if one doesn't know what their system is then they don't have one. LOL Part of having a system would be a definitive approach to cutting losses and taking profits. I'm pretty good at setting an 8% loss tolerance and once it hits that I'm out -- but I haven't figured out how to know when to take profits so then I watch my profits fizzle out. If you figure out the right answer let me know okay! Thanks, Cloudless A sort of related topic: Does anyone have a methodology that involves "quit while you are ahead"? In other words sometime during the day if you feel you have done well enough just stop trading. Today I was up $1600 at 1pm, enough to call it a good day for me. By the end of the day I lost it all, barely making enough to cover the commissions. Really felt like an idiot. Eric

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