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Strategies & Market Trends : The Final Frontier - Online Remote Trading
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To: Richard Estes who wrote (2388)1/13/1998 1:46:00 PM
From: MikeyB  Read Replies (1) of 12617
 
After many moons of lurking and observing, here are a few of my observations.

There are essentially three types of plays: Long Term, Position, and Day trades. Each type of trade has different research requirements. Long term trades would be investment types where you like the long term prospects(ie the fundamentals) of the company and are willing to ride out the swings along the way. Position trades are shorter term ( days to months) where you like the technical indicators and news on the company. Day trades are for less than a day and based primarily on the action of the tape.

When getting into a trade, you have to know WHY you are getting into it, whether it is for the long term fundamentals, shorter term technicals or news, or for the tape action. Once you determine your plan for the trade stick to it, don't change your plan halfway thru - ie. if you bought it for a daytrade, daytrade it not position trade it. Have a PLAN, be disciplined, and stick to your PLAN.

For the Day Trade it seems that the primary criteria for getting in is the tape action and volitility not news and not necessarily the technicals and fundamentals. Since your playing right now's tape action and not tomorrow's or the next day's, get out at the close or sooner.

MikeyB
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