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Strategies & Market Trends : Daytrading lessons learned the hard way -- Ignore unavailable to you. Want to Upgrade?

To: Brander who wrote (14)	7/29/1999 9:56:00 PM
From: GBT	Read Replies (1) \| Respond to of 24

I think a responsible trader (not gambler) develops rules that they trade by and these are usually lessons learned by suffering losses. If we can develop rules to minimize our losses and turn a larger percentage of our trades into profitable ones we will survive and thrive. Cut your losses fast and quick, don't wait for the stock to turn around, it never does. Never let a positive trade turn into a loss, a small gain is better than a loss any day. Let your positive trades run, place tight mental stops and let them run. Never chase stocks that already have had a large run up, there will be other opportunities. Stay away from low volume stocks, they are sometimes impossible to get out of. Be careful with market orders, good or bad, one bad market order can brake you. Limit orders are much safer Be careful holding stocks overnight, there is a time bomb in every stock and you don't want to wake up to a bad PR. These are just a few guidelines, please add to it and maybe will get a list that we can all use to be more successful.