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Strategies & Market Trends : DAYTRADING Fundamentals
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To: cloudless who wrote (5881)12/7/1999 10:04:00 PM
From: OZ  Read Replies (2) of 18137
 
I didn't want to dump it at a small (1/4) loss so I took it home. Well I've been taking it home every night since 11/23 and it totally paralyzed me until today when I saw an opportunity to get out at 44 15/16 and took it.

Cloudy,
I do not mean to ruin the christmas party, but I find this statement shocking. You let the stock run against you 7 points during those ten days. On your other post you were booking fractional profits on you trade and were very happy with that. So for a 1/2 point profit you are risking a 7 point drawdown. You would have to be right 98% of the time to make money that way. Consider this experience a loan from the NASDAQ and it will take it back. One other constructive comment is that on your other post you scalped 500 shares and booked a small profit. After the next breakout you bought 1000 and then 800 shares. The higher the price of the stock intraday, the higher the risk. Therefore you should not be "Doubling Down" amidst the euphoria. I learned this the hard way and that is why I am sharing it with you.

The moral of this post is that you need to focus on risk management. intelligentspeculator.com
If you follow the Risk Management strategies at the site, Pretty soon the clouds will clear and the sun will shine and you can truly be as Cloudless and clear as you can be...

OZ
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