Momentum Daytrading - Tricks of the Trade Message Board

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Strategies & Market Trends : Momentum Daytrading - Tricks of the Trade

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To: Street Walker who wrote (386)	1/23/1998 10:27:00 PM
From: Pullin-GS	of 2120

Nonsence!<G> Hang around for a spell. I wonder what happened to Ken? I'll hold comment...it does'nt matter anyway. Well, here is my lesson today for all who want to hear it: I was long (as in holding as an investment)a stock.....sold at a peak (it pressed through firm resistance and started banging on next resistance level)....I repurchased when it tanked back to support.<G> But:earnings where to be released the following morning. Normally I would have waited until after earnings. Th stock action sugested no selling into earnings-eave, so I wanted to re-establish my long position....just in case of suprise earnings. As a trader, this went against all my disiplens and experience (never hold a stock through earnings). Anyway, earnings came out...they where great, but company also stated they will be diluting (adding shares to float by selling). The stock fell 5%. Not a costly lesson, but none the less one that has me bothered. I wanted to hold the stock long, and was willing to take risk of bad news to maintain my position. No regrets...but it is difficult holding a position long, while mainting sharp trading intraday skills. So goes this busness. I guess what is to be learned here is that I made a decision about my stance with an investment stock, and maintained my position. If I where treating this as a trade I would have exited (or not even have entered).

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