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

To: Dan Clark who wrote (4079)	9/16/1999 4:02:00 PM
From: Ken Adams	Respond to of 18137

Thanks, Dan, I can see your point. One of my problems is that I just don't think in terms of taking fractions out of a trade. I like to go in and out quickly, but to me than means 1 to 3 or 4 days, usually. I target 10% for each trade, then take what it will give me for that short term move. If I get 10% in a couple days, I'm out on the first down tick afterwards. And, here again, if I miss my price by an eighth, it's just not a big deal to me. It might mean I got 9.75% instead of 10%. I know that's money, but it doesn't bother me. I'm going to continue lurking here, as all of it fascinates me more than draws me in. Ken

To: Dan Clark who wrote (4079)	9/16/1999 9:25:00 PM
From: sun	Read Replies (2) \| Respond to of 18137

While speed is less important when trading longer term, consider this scenario. You've been holding your favorite stock for 3 days. It's gone up 3 1/2 points. Your happy and prepare to take your well-earned profits. Suddenly CNBC announces that the Fed has held a special meeting and voted to raise the Discount Rate and the Fed Funds Rate by 1/4 point. (It could be the Fed, general market panic, or some major disaster.) The market tanks. Your lovely profits are disappearing fast. You enter your limit order to sell at the bid, but your broker is slow and you miss the bid. You cancel and reenter. Miss again. (Don't laugh, I've done it several times.) Finally on the third try, you are out. Total profit 1/2 point! Very true story of my trading. I have been lurking for over a year to sign up a direct access but no time (not yet a daytrader). One question I have to the thread folks is... Will the extended (or to be extended) trading hours be good for Daytrader like you?