I use all of these, like today, on BRCM I wanted $2 run on the first trade and put it with the buy ($66-3/4 and exit $68-3/4), I diod the same with the next $67-5/8 to exit at $$69.5, it never got there, and when I saw other stock i follow getting hit on the ask, I hit the sell, it takes seconds at $67.25 at a loss, and cancelling of course the old sell. look, I still have a sell on BRCD at $47 (I bought at $44.25), but guess what, I do not think they'll buy it from me at that price. In many stocks, I use these preset sell levels mostly with the quintet, when I feel that the market is going to be volatile,and a position may not be there for more than 15 minutes or so. Most of the time, I do not decide a priori where to sell. For instance, I bought the holy one yesterday, not thinking about selling, then they rushed it to $8.75 and I put an order on the bid ($8-5/8) since it gave me 13% in less than a day, and I also felt that we have not seen the end of the decline and thus, I'll be able to get back in under $8. I do not like "suffering" through declines (I do my share of this, look at BRCD <VBG>), so if i feel a move is extended, or I start see bunching on the ask, or big asks not being "eaten" up fast enough, I'll hit the bid and be gone.
Zeev |
