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Strategies & Market Trends : DAYTRADING Fundamentals
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To: Eric P who wrote ()12/8/1999 5:37:00 PM
From: cloudless  Read Replies (3) of 18137
 
Well I learned the big West Coast lesson today ~ if you're not ready to trade at 6:30AM then it's not going to be a good day! I ended up starting late and spent the morning (my morning, almost lunch east coast time) running around trying to get a trade in. I had identified COVD last night and it had a good morning ~ someone did at least <g>. While I was trying to get a trade in (at the end of a long morning run ~ dumb, dumb idea) it went up over a point. Finally bought at 60 1/16 only to sell at 59 11/16. Tried another entry point 33 minutes later at 59 7/16 only to get out of that at 59 1/8. Decided the early birds had already gotten the worms and maybe I should take a break.

Spent the afternoon watching Level II for various stocks. The day actually came out positive ~ nothing to do with me, just dumb luck. One of the sell orders I had changed yesterday ended up going through and I was short. I found it this morning when I went through the transactions and was able to buy to cover at enough profit to cover todays losses.

I'd be interested in what type of rules about how many eighths or sixteenths to let something go against you before closing the position? I don't think I was tight enough today on closing ~ I think it was an overreaction to yesterday when I felt I bailed out to early when the stock actually kept going up. Any info is appreciated.

Another day, another day of learning. Cloudless
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