Thanks for the reply Wayne, as their are many perceptions in the markets, like fast moving , big volume stocks are easy {not!} It was a good week, but one or two more early morning mistakes, and things won't be pretty for us. I won't let that happen, I was told to stay out of the market , and maybe should have, but the exposure has shown me how busy and wild things can be, even in an so called up market. During the next while, I will be studying and reading and practicing a system.
The biggest problem is overnight holds. Have not yet had one gap down, even before talking to anyone from this board, but when a stock opens not as strong as expected and starts to sell off quick, that is where I have a weakness. Gave back some Cor. profit today because of that. The Chief posted a note not long ago, saying 'never go into the open without a trailing stop loss. It sounded straight forward and I imagine a good trader can pull it off with their eyes shut, but we had trouble.
Bought in our last Corel at 59.95, that may have been the biggest mistake, because the stock was starting to get choppy and wild. So at days end, it closed at $58 {Thurs}
This morning it opened at 62.00. Had a higher order in at 65.00 and assumed it could be changed to a market order and put a stop in as well at 60.00. I guess assumption is not a good word to use when playing the markets. Tried to change the order and forget it, it would not go through and could not get through on the phone, I have been through this before and sometimes things have worked, but I can't really blame it on anything else but the trader. This also threw me off my EMJ, was going to put in a stop and got caught up in the moment and forgot, but still in, just hope it stays above $6 and higher. It was free money at the open, bids of $100, good market psychology. Played eggs once as it ran from 25.00 to 40.00 in a half hour or so, you could see 70.00 bid /asks and moments later, it was at 20.00.
Do all traders put in a market order and just blast it off at the bell, with a STOP LOSS in place? How do you know where to put the STOP when you do not know where it will open? Do you execute trades by a broker on the phone? This has been my main problem, as far as daily trading, I have been trying to be careful and am slow at it, as I'm a long ways from the talent on this thread, but I hate being killing myself at the start of the day. I was given the advice to read some books "cover to cover" and I will, this week has been a slice of reality. This week went OK, I just want to recognize the mistakes.
Thanks Wayne, if you have anything we'll hear it, but we know weekends are busy, so no biggie.
Regards.
BID mommy.
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