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Strategies & Market Trends : Stock Attack -- A Complete Analysis
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To: Robert Graham who wrote (14369)8/11/1998 1:10:00 AM
From: Lee Lichterman III  Read Replies (2) of 42787
 
As one of those I think you are talking about, I am confused. Last week I/we were pointing out that gut feel trades were not the best course for this market. Now it sounds as though you are saying this is the way a daytrader works? Am I missing something?

I was an investor, then a short term position trader and when I can take off work, I daytrade. Seeing this as a volatile time in the market, I didn't want to take any position over night and took a few weeks off to daytrade. Now I admit I am no expert and probably am horrible at it but I have stayed in the black (knock on wood). I however do use charts in almost the same way I would use them for my other trades. I pick my candidates the night before. Watch them pre-trade to sense their open, weigh that with their support and resistance levels then watch for them to go in my desired direction and hop on the option strike that I feel will have the best return for my expected run duration before I plan on jumping off. I do agree you can't stick with a loser that ticks against you like you can a longer term position but that is why the entrances and exits are planned more carefully.

To try this on gut feel alone IMO would be like playing Russian Roulette(sp?). What am I missing?
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