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Non-Tech : OmniTrader-Do you like it???
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To: Craig DeHaan who wrote (156)4/23/1998 2:53:00 PM
From: Ken Adams   of 402
 
Craig...

I also trade options pretty often. One thing I learned in option trading is "PROFITS NEVER RETURN". I have a small sign on my desk to remind me of that fact!

It's probably because of the painful learning of this fact that I am inclined to short term trade the way I do. In the case of EGGS, I could see overhead resistance from a month ago in the 12.50 area. When price hit 12, I knew I wanted out.

Enter here a problem with web trading. I had this trade with Ameritrade. They have been upgrading their site over the past few weeks and right when I needed access, it turned to cold molasses. I waited 2-3 minutes between screens. I called directly to get a broker but they were so busy I died on hold for about 15 minutes. He then confirmed a sell at 11.75.

I was OK with that (barely), even though the bid was 11.875 when I put in my market sell order. But, the rub was later when I looked at a one minute chart and saw price rose from 12 (when I saw it) to 12.25 before turning back. If the site had been working properly, I think I could have gotten a better price on my sell by as much as a 1/4, or so. But, it's only money...eh?

No, my signal didn't come from EM on this one. It was from the regular default signals. And, as you've already acknowledged, I don't need OT to tell me when to exit. Price tells me that...loud & clear.

Ken
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