Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

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

To: TraderAlan who wrote (1288)	6/22/1999 8:57:00 PM
From: Jerry Olson	Respond to of 18137

Alan thanks for that .... my total knowledge of this type of trading has been very short<g>... with options it was easy...100% was my target...didn't always accomplish this, but was doing ok....for years... what really started to piss me off was my trading acct, was getting battered all the time by holding longer term in THAT acct...not good... it took me some fierce trading to get it back..many times...either i was too heavily weighted in one sector, and didn't realize it, or i had way too many open option positions at the time..something like 20-25... it was a night mare...heh heh... i did live thru it tho...and i'm still here trying a new improved method for me... i can almost be assured, i will fall somewhere inbetween a daytrader, and swing trader...i'll do this depending on current market conditions.....if we're running in a bull stampede, i'll let my buys run, if not, and it's choppy, i'll think very short term... and yes Alan, your probably right about the "confidence thing"... i just do not have my SH*** together yet, to be able to duplicate these trades the same way every time...and the simple fact is.."NO GAME PLAN" however...all i need to do, is write a game plan, an outline, as to what has to happen when this or that occurs..'"no matter what"... i have not done that yet....RULES-----RULE!!!!!<g>... my regards and thanks...OJ...

To: TraderAlan who wrote (1288)	6/22/1999 8:57:00 PM
From: -	Read Replies (1) \| Respond to of 18137

Nice post, Alan you-are-da-man. Your point about being unwilling to take a profit likely being due to lack of confidence that you can recreate it, is a potent one. The Pristine guys have an excellent piece in their seminar about this. They describe how they repeatedly enter trades correctly & setup their stops, manage the trade, don't sweat it, take their profits, OVER and OVER and OVER and OVER... all the while knowing that they can do this anytime they want to. It's really important to get into that groove! That's TRADING. This mindset also can eliminate the frustration with selling something, then see it continue to move in (what would have been) your favor. Your reaction becomes, "So What?!" -Steve

To: TraderAlan who wrote (1288)	6/22/1999 9:04:00 PM
From: dave carroll	Respond to of 18137

Great point about the need for an overall strategy. The one quote I keep as a mantra goes something like :"the worst trade is the one you don't make." I've found that if you're gun shy and you watch a trade you ALMOST made go exactly the way you had planned, your inevitable frustration leads you to find other opportunities where there are none. If you trade entirely via discretion, such a mental breakdown can be deadly. It seems my worst trades often come about an hour after I cancelled out of a position which would have turned into a big winner. A strategy can (I think) help in pulling the trigger when you need it to be pulled, and pulling the reins in when the need to be. FYI-all the regular posters here are awesome. You guys should get together and write a book. It would probably take about two weekends and could blow away any text strictly on daytrading out there.