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Technology Stocks : Vitesse Semiconductor
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To: Gene W who wrote (3853)3/30/2001 10:44:18 AM
From: The Ox  Read Replies (1) of 4710
 
Hi Gene,
One note about trading: I believe you should always have a predetermined plan in place before you enter a position. This plan MUST include both actions to be taken in the event the position goes against you and your 'map' of when to take profits if the position becomes profitable.

Especially when 'day' trading, the ability to cut the loss and move onto the next opportunity is an important part of the discipline, IMO. Holding onto a position, with nothing but 'hope' can be a big mistake, as well as an equation for disaster.

I'm only bringing this up because you said you were just starting to trade. I strongly suggest you plan your trade and trade your plan. Many traders set a firm % where they will cut their losses and others use a range based on how weak the stock is acting.

Good luck with your trading and, if you would care to share, please keep us updated on your progress ( so we might benefit from your experience ).

Best regards,
Michael
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