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Strategies & Market Trends : Market Gems:Stocks w/Strong Earnings and High Tech. Rank
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To: James Strauss who wrote (13686)8/31/1998 9:22:00 PM
From: Jenna  Read Replies (1) of 120523
 
I plan to milk this market for all its worth.. But I won't risk more than my usual 10 puts a trade. There is no consensus about what tomorrow will bring, but everyone agrees it will be volatile.

Trading will now be based on investor sentiment, fear, panic, hopes for reversals etc. Playing contrarian to the market timers. Market Timers are great for traders, they buy into gaps up, sell into gap downs. We on the other hand will sell into strength.

When you make an error in a trade, don't nurse it along hoping it will rebound, chances are it wont. I still think the market is not stable for anything more than intraday trading. Of course intraday now means potential of 10% plus a trade so that makes our brand of daytrading more attractive. There are lots of stocks out there, lots of potential. Don't buy more than you can risk if your trade goes sour.

Someone e-mailed me saying they wanted to buy a ton of puts to make back the money he lost. That is so wrong. Again emotion clouding the trade. The ones who make money in these markets are the sober and rational daytraders/shorters who prey on the masses who make decisions based on emotion. My tendency is to pull the trigger quickly if a trade goes sour. I oftimes berate myself on that tendency, but now I think that the only way you can be today.
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