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Strategies & Market Trends : LastShadow's Position Trading
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To: Dave Shares who wrote (882)10/5/1998 5:30:00 PM
From: Dave Shares  Read Replies (3) of 43080
 
Trading Lessons

1) Entered LCOS before the rally and before it stabilized. Set a very tight stop. Too tight. Stopped out and missed the rally.

2) Shorted PRXL for 1 1/2 points intraday. I put a buy stop in to protect profits, and the stop was filled before the stock tanked another point. Are Market Makers as inclined to run a buy stop set for a cover as they are to run a sell stop ??? I am very new to shorting, so I don't know. I sort of would have liked to hold the position, because the chart really looks crappy now and I think there is more downside, but on the other hand, I still don't have the guts to keep a short position open overnight if I can avoid it. With my luck, they'll warn in the morning.

3) Watched for a reversal in RNWK intraday, but never set a buy stop for entry. would have been good for a point intraday. Oops.

4) Watched TLAB go south, and then was too chicken to jump on, made a nice move from its bottom (guess you can say that about a lot of stocks today).

I saw how the European markets all rallied from their lows, and maybe that should have been a cue that Wall Street would rally also later in the day. I seem to have noticed that bad days in Europe that end in rallies tend to lead to the same behavior in the U.S.

Just my opinions and rambling thoughts,

David
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