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Strategies & Market Trends : Trading For A Living

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To: Char who wrote (860)	7/11/1998 6:48:00 PM
From: jawd	Read Replies (1) of 1729

At least you came out even. The "cut your losses" idea needs to be taken in context. For instance, my last big loss was with EGGS. I bought a ton at around 18 1/4. It slowly went down to 15!!! Yes I was doing all the wrong things like doubling up and so on. But nothing was working. I then feared it would go all the way back down to maybe 10. So I took the loss. A week later its at 21. Could've made mucho if I waited. So why did I take the loss? Because I wasn't confident in the stock. I really didn't know the whole story behind it. I was in no mans land. Recently, I decided that the day trading was wearing thin on me. I have a life. I could be reading, or learning something interesting on my computer (like Visual Basic which interests me). And I have no real financial needs. So, I'm taking a breather while holding a long position in Yahoo. It might take a few weeks, it might take many months. But I have confidence in Yahoo and I needed a break from day trading. When I come back I'll have a good bit more experience than when I started in April. In the meantime, I've still got the "rules" which I pinned up in front of me and every day I'll be trying to let them sink in. As regards market orders, I find that on a fast moving stock its virtually the only way to get in. You simply can't set the limit price and get in before it moves again. So, if I see a stock shooting the only way is to shoot off a market order. For this I generally use ARCA. Also, bear in mind on ARCA you are limited to 1000 shares. So if you want 2000 or 3000 you just shoot off two or three market orders at 1000 each. It took me a couple of months to work that out - don't know why. Inexperience can lose you a fortune on a stock like YHOO with its current 20 point intraday spread between high and low. It moves 5 points in 5 minutes. Not good for learners. All the best

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