Daytrading Canadian stocks in Realtime Message Board

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Gold/Mining/Energy : Daytrading Canadian stocks in Realtime

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To: the Chief who wrote (8218)	4/21/1999 5:49:00 PM
From: keith massey	Read Replies (2) of 62348

Great posts on stops Chief... I will add more later but wanted to remind people what happened to me the one time I didn't use stops in the past year. The stock was LWN...I didn't have a stop in because I was trying out Etrades new service which didn't offer stops at the time. I was holding when really bad news came out. To: Buckey John (2288 ) From: keith massey Thursday, Jan 14 1999 6:24PM ET Reply # of 8219 I felt like I got raped today on this stock. According to every single indicator I use for day trading this stock should have been good for at least a .25-.30 gain when I got in. Was sitting at a bottom of $8.9 for half an hour with some support and lots of resistance from $8.85 to $9.10. At this point the stock was down $1.65 from the high. Within 10 minutes all ASK had been taken out on big buys and huge support showed up from $9.05-8.80 (more than 50,000 shares). The rest of the big asks disappeared off the boards and there was only 12,000 shares between $9.20 and $10.05. I got filled at $9.10 on the upswing of this. MACD and Stoch gave buy signals and RSI was rising from 20 through the 30 line. I couldn't find any bad news any the earnings were not due out for another month. It hit $9.25 within 2 minutes and in one fail swoop after that all support from $9.10 to $8.80 was taken out and big ASKs than before showed up on the boards. At this point I knew the trade had turned on me so I placed a sell order. By the time it hit the boards (5 minutes) it had gone through my price so I lowered my sell. By the time my second sell had got to the boards (5 minutes) it had gone through that price. My next big mistake was not sell before close. Normally I would have had a stop-loss at $8.85 on this trade. I don't know who to blame more, myself for screwing up or Etrade for being a lousy broker. I used to bitch about Webbroker but now Etrade is my biggest enemy. Best Regards KEITH To: the Chief (2404 ) From: keith massey Friday, Jan 15 1999 5:56PM ET Reply # of 8219 All in all it could have been way worse. Sold half LWN at $7.60 and the other half at $7.20. Down $3,400 on the trade. Biggest loss I have ever took. I am used to stops costing me $300 at the most when a trade turns bad. I was more worried about LWN gapping down to the $4-5 range and never looking back. Although the news wasn't that bad, any other bad news today (lawsuit or further closings) or a general market dump and this stock could have stayed down for a long time and possibly never recovered. It is very possible that LWN will recover from this level. However it doesn't make sense to hold a trade gone bad in hopes that it can recover when I can use that money in another trade that I can control better. A message to everyone out there: IF I EVER PERFORM A TRADE WITHOUT A STOP LOSS AGAIN YOU HAVE MY PERMISSION TO BEAT ME INTO A BLOODY LIFELESS PULP AND TAKE ANYTHING LEFT IN MY TRADING ACCOUNTS Best Regards KEITH

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