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 7:13:00 PM
From: AriKirA	Read Replies (3) of 62348

Chief, I think this might be a good time for me to jump in and tell everyone what happened to me these last few days. Well, it all started with GLE. Once the stock was halted and started running after the gap up I was hoping for a pullback to jump in. I had a bid in at 11.60 which I thought at the time was a reasonable level. Well, that was my first mistake. I was trying to catch a falling knife. Needless to say I did not wait for a confirmation before putting in my bid at 11.60. ALWAYS TRUST YOUR INDICATORS AND ONLY BUY ON A SIGNAL GENERATED BY YOUR SYSTEM. The following day, I had the chance to sell all or some of my shares for a decent profit on the gap up. The operative word is HAD. I did not sell and ended up selling for a loss when my stop got hit. GREED Never forget the saying : Bulls win, Bears win, Pigs get clobbered! That brings me to talk about BII. Well, annoyed at having lost an opportunity to lock in some profits I tried to make it up with BII. When I heard the PR stating that the Nasdaq listing was approved, I decided to jump in at market. I got filled at 25.75. NEVER PUT IN A MARKET ORDER. I held for the oh so called Nasdaq debut hoping for a gap up to sell into. Needless to say the stock opened lower and dropped like a rock as panic selling and stops accelerated said drop. I had put in a stop limit. You would think that I would be fine right? Wrong. My limit was too tight and they never got the chance to sell my stock during the fall. I ended up selling at 20.95. Finally, I decided to get in at 20.05 thinking it had leveled off. Had to leave the computer for an hour or so only to get back to see it trading just above my stop. I ordered and cancelled my stop saying to myself that it couldn't go lower. Well it closed at 19 and opened at 15 today. NEVER CANCEL A STOP THINKING THE STOCK WILL RECOVER IF YOU ARE TRADING SAID STOCK. I sold at 14.50 for a cumulative two day loss of..... We'll just say that I hope this will encourage everyone reading this thread to make sure you put in your stops even if you get the impression that said stops cause you to lose a profit more times than not.Lost paper profits are just that. Losing you hard earned money is another breed altogether. The first priority as a trader should be preservation of capital. There will always be another stock if you lose 10%. However if you lose 50% well your chances of recovering are quite slimmer. Hope some of you learn from my mistakes. I consider myself very lucky to have people like the ones we have on this thread to help us learn the tricks of the trade. A special thanks to Keith for all his help these last few weeks. I can honestly say that I learned more these last few days in the heat of the action than by reading a few of the more reknown trading books. Too bad I wasn't paper trading! A tip from a friend : if you are thinking of getting involved make sure that you read everything you can get your hands on and that you paper trade before even thinking of trading with your own $$$. Best of luck AK

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