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: Allen Furlan who wrote (1359)	8/2/1998 6:09:00 PM
From: Ken Wolff	Read Replies (1) of 2120

Allen, News plays, when done right can pay off big... but you must sit and wait for the "perfect story" that just hit the streets. I never buy after the initial move, unless it is on an oscillation swing after the first drop. I posted several items about news stories earlier on in this thread, you may find it worth your time to search and read them.... Sorry, I do not trade options, maybe someone else can help you with this. As far as your last comment, where you state, "my most difficult decisions are whether to close or not close positions which run against me"...... I find this the easiest decision to make, as I have a predetermined exit point should a trade turn on me... No matter what, I hit the exit key at that point, take my small losses and move onto the next play and "never look back"..... Without this mentality, traders get sucked into holding those pesky dogs that eventually become wallpaper or tax write offs... Personally, I will take my tax write offs in 1/8ths at a time vice several points :) Good Luck Ken www.mtrader.com

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