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Strategies & Market Trends : Technical Analysis - Beginners

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To: Mac Bean who wrote (1369)	12/13/1996 10:43:00 AM
From: David R. Evans	of 12039

Hello Mac, Now you're getting into the real nerve center of trading.... Yes, I do give slack depending on what is going on around me. YES that can be considered emotional and YES I always say take the emotion out of the equation BUT I am human!!!!!! Recently I've been talking about 5% to 6% exits and I know that there are many out there who have problems with them.. MOST TIMES I will let a loss ride until it hits around 10% because I want to give it enough room to find it's direction. It's when I've been running my scans EVERYNIGHT and start getting 3 or 4 hits instead of 20 hits that I "feel" it's time to tighten up on my losses... If I "SEE" that the Market is changing I do not want to hang on to a loss and turn into a LONGTERM investor.... How do I see the markets changing??? By running my scans every night, not just when I'm looking for buys.... I do not go by what CNBC is saying or what I read in the Wall Street Journal, I go by what is REALLY going on in the market, and the only way to know that is to run your scans EVERYNIGHT!!! Your example was a good one as I did hold onto all my holdings because I felt that it was an overreaction... You need to balance some common sense with your mechanical systems BUT eliminate as much thought and emotion as you can... You really need an ABSOLUTE sell level where no matter what is going on, YOU SELL. I held on the other day BUT any stocks that continued to fall would have been cut... The last thing you want is to be holding stocks that are going down while you are saying to yourself, "I just KNOW they will come back"!!!! What your absolute loss level is only you can decide but you should start giving it some thought. Dave Evans

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