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

To: TFF who wrote (2596)	8/9/1999 10:02:00 PM
From: Richard Estes	Read Replies (1) \| Respond to of 18137

A possible reason for a position trader. But is it appropriate for the "never hold over" DT, or the >10 trades a day trader? If the majority of trades are less than a day in length, Why would you want his evaluation to be in your mind to affect the decision process? The "market" is hard to define. I have heard that there is about 20,000 tradeable enities out there, not including mutual funds. We filter to our percieved idea of candidates. We react to them on their price movement. If the "market" affects them then it is first present in Price. It sounds like Heresy to suggest knowing where the market(indices) is going does not necessarly tell you what a stock will do in magnitude and time. If you are daytrading, why do you care what might happen tommorow? If you are choosing the next day's candidates, the night before or not, makes little difference, when you start to trade, it is in a reactive mode. You react to Price change and direction. Would we feel better if a "name" said market was going up or going down? Will that affect our decisions? If they say net stocks were going down, would that affect how we trade them. Someone saw my EBAY chart and wrote me to say he was smart enought to short it at 130 and cover at 90 in about 18 trading days. A damn good trade of 30.1%, but I did reminded him what he saw was a 5 min bar chart that showed from low on thursday to high on Friday (71 to 98) was a 38% move in six hours. He still doesn't understand. Listening to other people in a different mode of thinking then you might taint your view. Like many I have read Market Wizards and the TASC articles, they are often self serving, most of by people who make their living using other people's money. I can't identfy with them. I have rambled along because I think it is important to question what convential wisdom says. And pose the questions. Is listening to a "name" important to your trading? Is the "market" a important factor to your trades?