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Bill,
Thanks for the response. As a relatively new daytrader I've paid a LOT of tuition - usually by going against the advice of my "trainer" and/or the books I've read. I've been able to successfully make some 3 - 4 pt. 100 share trades of some of the fast movers, which gets my confidence up enough to keep trading them. Then comes that moment in destiny when the stock drops 2 pts. in 1 minute while I watch it, paralyzed (deer in the headlights). While trying to decide whether this is just a little "breathing spell", the stock drops a couple more points in the next minute, at which time I start trying to get out. When I finally DO get out of it, the reversal is usually over, and it then proceeds to regain some of the reversal.
To add to my problems, sometimes I'm so desperate after one of these that I'll buy it back during this (temporary) retracement, only to have it reverse once again, at which point I'm so scared of losing some more money that I INSTANTLY start trying to sell it, leading to yet another loss.
This occupation ain't easy. Fighting the fear/greed emotions is my biggest problem.
You mentioned using a selectnet order several price levels down - I've thought of trying this, but only when I'm not jammed up. When I'm truly against the wall, I have trouble thinking of ANTHING other than "why the hell did I buy this again?"
If I do use a s/net order, would you think a broadcast or preferenced would be better?
And in your Delta order experience, have you tried a sell, or just buys?
Dave Chaney |
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