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Strategies & Market Trends : The Final Frontier - Online Remote Trading

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To: funk who wrote (3749)	4/19/1998 9:10:00 PM
From: Sword	Read Replies (3) of 12617

funk, in response to your numerous messages over the past few months: Thanks for your candor and good advice. Your one rule: "Control your LOSSES" is the A-1 rule for successful daytrading. There is no room for "hope" in this game. I have two brokerages; one for long term investments (Dreyfus) and one for daytrading (MB Trading). This allows me to separate my desire to invest in good companies whose stocks I love (no apologies) and yet to satisfy my desire to profit from short term swings in stock prices. That mindset says "I don't care about this company's product or what they make and I probably won't hold onto this stock for more than 15 minutes." The company still should consider me a valuable entity because I provide liquidity to the company's stock (so no apologies for this alter ego either!) So on the one hand, my portfolio is growing and its fun to see the results of investing in good long term growth companies in my Dreyfus account. On the other hand, I am a born trader with a compulsive personality (probably codependent) and have this urge to make at least 5 trades a day in my MB Trading account. When I sit in front of the monitor, I get absorbed into the ebb and flow of the Level 2 MM screen and the time and sales prints. I can see the pause in the market after a decline in the charts and price. I can see the pause in the action as I ARCA, SOES or Selectnet my order. Then I get a rush as the market begins to surge with green buyers on the ticker and the Level II slinkying to the left. I sit back and let it run. I can relax because the only price point I've set is my mental sell stop on a long position that's gone bad. Then when the action takes a pause and the Level II MMs who matter come to the inside ASK, I slice in front of them with my hot button and I'm out. It doesn't always work out this way, of course, but when it does, it's great fun! On the bad trades, I'm out in a wink, never wanting more than an eighth loss. On the good ones, I try to feel the market action and let the profits run. -Sword

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