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Gold/Mining/Energy : Swing Trading Toronto Stock Exchange Listed Stocks
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To: Vitalsigns who wrote (2241)11/3/2001 12:51:30 PM
From: StockPro  Read Replies (1) of 2773
 
VS, I support the proposed rule change - good idea!

However, in defence of CD, the originator of the "eliminate those 10% kickouts" comment ... I'm pretty sure he did not mean "eliminate the rule" but rather prevent the kickouts from happening via more judicious trading.

edit: Upon further reflection it occurs to me that this proposed rule change if implemented could have the opposite effect to your desired result. You talked about the tendency toward day-trading as opposed to swing trading. This rule change could reinforce that tendency.

e.g. I enter three trades on Monday and they start going against me. Under the current rules, if I see something that else that has "momo now" that I want to switch into, I have to close my 3 previous trades. But under the proposed rule change, I could carry those 3 losers "hoping for the retrace" and enter 3 new trades trades the next day. Now, should those 3 new trades become losers as well, the new rules would let me carry a total of 6 losing trades while "hoping for the retrace" and continue on to enter yet another 3 new trades.

For those with daytrading tendencies (including me), the proposed rule change would allow us to carry an unlimited number of losing trades while hopping from stock to stock. So, upon further reflection, I'm not sure I do support the change in rules. Let's hear what others have to say.
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