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Strategies & Market Trends : DAYTRADING Fundamentals -- Ignore unavailable to you. Want to Upgrade?

To: Dave O. who wrote (1082)	6/19/1999 3:17:00 PM
From: Tai Jin	Respond to of 18137

I found I felt guilty when I made $"x" (my daily target) by 10:30 or 11:00 am and chose NOT to go home but keep trading. I felt I "needed" to work (i.e. trade) a full day and often gave back some decent profits. Easy to get careless when you're up a bunch of $$$. I've said it before and I think it's worth repeating: sometimes (maybe most of the time) you are better off quitting while you're ahead. The other day I was up $10k in the morning. Well, I felt great - this is easy, I said to myself. I can make more! Then I proceeded to give up about $4k of that profit. Your psychology changes when you are up (or down) big and it changes the way you trade and usually not for the better. So I would say it's best to quit after a big gain (or loss) unless you have the discipline to not let your emotions take over. ...tai