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Strategies & Market Trends : Swingtrading - Tricks of the Trade -- Ignore unavailable to you. Want to Upgrade?

To: William W. Dwyer, Jr. who wrote (22)	10/4/1999 1:08:00 PM
From: Brandon	Respond to of 551

I would appreciate your comments on setting target prices for position as they are opened, and your general sell/close/exit criteria. Thanks. Bill, I really do not like to get into the practice of issuing targets as I think only the direction, but not the magnitude of that direction, can be accurately predicted with any great accuracy. This does not mean however that I have no idea what my trade is likely to do. I look at the nearest area of support for shorts, and resistance for a long. This is how I judge my risk reward in any given trade. In most cases when the stock comes to this first area of support or resistance I will go ahead and take partial gains on 1/3 to 1/2 of my position. As you know so many things can happen in the market. For this reason I do not like to limit the potential of a trade. I feel it is best to follow market action and get out when the market tells you to, not some pre-stated price I have my ego tied up in. Again, thanks for your continued participation in this thread. Looking forward to more. Brandon www.mtrader.com/swingtrade