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Microcap & Penny Stocks : Tokyo Joe's Cafe / Societe Anonyme/No Pennies
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To: H-Man who wrote (9220)11/7/1998 5:25:00 PM
From: Kevin McKenzie  Read Replies (3) of 119973
 
Great post H-man! I think most of what you warned about playing momentum stocks happened to me Friday with GERN.

I got lousy partial fills on market orders.

I couldn't sell the shares because my buys had not been confirmed.

The stock reversed so quickly that it was very difficult to buy/sell near the pivot point (even when I placed the order at the correct price.)

Since we're all offering advice this weekend; I have a couple tidbits for novices:

When you see a recommendation from someone on any thread (including this one) remember that the experienced trader who is making the recommendation will already have his/her escape planned However, the person who makes the recommendation will rarely make a follow-up post if his/her hunch was wrong.

For example, Friday afternoon, I posted that GERN could run up from 19. I bought it at 18 7/8. When it subsequently tested 19 1/16 and failed, I knew it was time to get out, and I acted immediately and decisively. I probably should have posted a reversal warning, however, I was busy getting my ass out of the trade; by the time I posted the warning, it would have been too late -- it would have been better to ride the dip and exit on the next run.

In short, don't get in if you don't know how to get out.

Sorry if I'm posting remedial advice to advanced traders (but hey, it's Saturday, the markets are closed and I'm bored)
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