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

To: - who wrote (1151)	6/20/1999 3:33:00 AM
From: keith massey	Read Replies (1) \| Respond to of 18137

Question to the thread on the topic of stop losses. First....since everyone else is discussing their styles. TA pattern trader...I play only Canadian stocks (the top 50 liquid plays - normally TSE100 stocks) and futures at present. I'm a 3-5 trade person usually looking for at least .50 or greater on each trade with fairly tight stops. I also try and keep up on the major fundamentals of all the stocks I trade on a regularly basis so I can get at least get a feeling for how a stock will react to earnings/news/etc. As a hard core rule the second I buy a stock I throw my stop loss on. I place the stops based on key resistance level + the amount of pain I am willing to take. Stops haved saved my butt too many times to count and I refuse to trade without them. In Canada, the second one lot gets sold at your stop price your order becomes a market order. In Canada we don't have MM so it is first come first serve to everyone. This means you normally get filled within a couple pennies of your stop price unless the stock gaps down intra-day. My question is on stops on the NASDAQ. With MM in charge don't you run the risk of a stop getting filled far below your price, especially if you are trading only a moderate volume stock? If you use a limit on the stop and the stock really was in a free fall you risk not getting out. Since there is a big discussion capital preservation I am curious on people experiences with stops in the US. Do most of you guys use them or do you just keep you finger on the sell trigger? One of the main reason I don't trade US stocks very often is that I am from Winnipeg, Manitoba and you can't get an ECN connection here. This forces me to us a regular broker which I feel puts me at a disadvantage so I stick with the Canadian sector. Plus you can only trade your RRSP account (tax free retirement account) on Canadian stock (20% can be foreign). However a day trading firm (Swift trade) is opening in the next year so I might try a switch over when that time comes. Best Regards KEITH

To: - who wrote (1151)	6/20/1999 3:51:00 AM
From: TheKelster	Read Replies (1) \| Respond to of 18137

Thanks for the note Eric, and thanks for the site. I have been a serial entrepreneur since before high school. My experiences working for someone else's company were brief and before the age of 20. I stumbled into trading quite by accident. I believe success in trading is achievable by anyone willing to meet the requirements. The requirements are well known and common to great achievement in any field. 1. Love the pursuit 2. Give yourself over to the pursuit 3. Maintain balance(to live long and prosper)in all aspects of your life. 4. Trust in yourself and trust yourself. As I moved from my late twenties into my early thirties' #3 on this list came front and center. I worked at learning and understanding the power in this simple, seemingly passive, concept. Balance gives you the ability to walk away from a bad trade. Balance gives you the ability to control your opponent without damage to yourself. Balance gives you the ability to enjoy the money that you will be making, if you have balance. Balance gives me the freedom to close my positions and go on vacation. On Monday, My family and I are headed to Colorado for a bi-annual family camping get-together. There will be about 40-50 immediate family members. We create a little tent city in the mountains north of Gunnison Colorado. We camp for about two weeks; do a little mountain climbing, trout fishing, reflect on our passing lives. When I come down from the mountain, my mind is clear my and my balance is enhanced. I am in control of my destiny and prepared to charge ahead. Stepping away from the money machine for several weeks elevates my entire level of trading. The long term results are a happier wife and kids and a permanent increase in income each year. Stepping back is necessary in every time frame and every game. Sometimes you can't see your move on the 5m. You step back and look at the 15. You step back further and look at the 30. You may have to keep stepping back all the way to the weekly to see your next move. If you find yourself stuck at a level of income for a long time; if you find yourself stuck in a stalled trading style; you may find the answer by stepping all the way back from the game for a period (half-time in sports). I am looking forward to stopping back in. Stay pure, but not too tight :-). See you in a couple weeks. KK