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Strategies & Market Trends : MDA - Market Direction Analysis -- Ignore unavailable to you. Want to Upgrade?

To: Jerry Olson who wrote (16349)	6/7/1999 7:38:00 PM
From: HairBall	Read Replies (2) \| Respond to of 99985

Options Jerry: Well, my best tip is advice you most likely do not need, but I will give it anyway....<g> Always have a plan and always trade that plan! After your decide on a stock you are going to trade...via fundamental analysis, technical analysis or via sentiment/momentum plays, make sure you do the following...ALWAYS: 1- Have a entry point or a trading system entry signal. 2- Have a profit point or a trading system exit signal. 3- Have a stop loss (always mental if you can be there to watch the trade) 4- If your stop loss is reached, always close the trade ASAP, always. Commissions are just to cheap not to. 5- If your profit point is reached or your system gives a exit signal, take the profit. No one ever went broke taking profits. If you determine that you believe you can trail a stop loss and ride the win, do it. But, tighten up your stop loss and trail it a set amount behind the profit. If during the run your trailing stop loss is reached, close the trade ASAP, always. 6- If after you close the trade as a winner or looser and you determine the stock is tradable again, start the process over. 7- If you try to trade a stock three times and each is a loosing trade, find another stock the trade. You can't read them all. Never try to get even with a stock, move on and find one you can win with. Those are my SEVEN daytrading rules...<g> Regards, LG

To: Jerry Olson who wrote (16349)	6/7/1999 7:55:00 PM
From: Judy	Read Replies (2) \| Respond to of 99985

Sweets, Not much reason to cover trading shares of cmgi, why tie your hands so you can't exploit the natural volatility of the stock readily? Let's wait for the stock to close above its trendline at 109+. Then first resistance at 117+, second resistance at 127+. Decide accordingly should the stock not be able to cruise thru resistances. I will wait for cmgi to perform as expected. Emotions play a bigger role for the positional trader ... there's no room for emotions. It takes patience, discipline, focus to wait for the proper entry/exit points to short puts, calls or leg into a straddle or spread. As a daytrader, you hit and run and the emotional high/low is over with and you move on to the next trade.

To: Jerry Olson who wrote (16349)	6/7/1999 8:51:00 PM
From: Casaubon	Read Replies (1) \| Respond to of 99985

OJ, I have had my nose in the books for 5 months straight. Everything from trend analysis to P&F charting. I have to say, I like the Dorsey-Wright service, and still subscribe (for now), but, candlestick charting with trend analysis (I still haven't gotten to e-wave but will) is simply the best, IMO. "Japanese candlestick charting techniques", by Steve Nison, is great! Patterns are jumping off the charts at me. I have not started to trade yet, but I have a great understanding of the position that my stock is in currently. I know exactly what to do! I will be able to act at the proper time, whenever it comes. My trading philosophy will be to research a bunch of stocks, and know thier charts inside and out, as well as the fundamentals. Then, I will patiently follow those stocks for entry and exit signals via candles and trend.