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

To: Herc who wrote (4754)	10/6/1999 10:52:00 PM
From: Dave O.	Respond to of 18137

< Do most of you set price goals before selling or accept whatever profits God sees fit to give you? > My target is "x" dollars in each and every trade I make. I also trade roughly the same amount of capital per trade, thus why I shoot for a fixed amount. If momentum is moving in my direction I'll gladly take more than "x" but the first sign of slowing momentum and I'm gone with "x" as a minimum. Today, for example, my goal was $1.50/share profit on a $75 stock (short) that is up 70% in the past 2 weeks. I watched as it pulled back and covered with $4.75/share. Dave

To: Herc who wrote (4754)	10/7/1999 12:53:00 AM
From: Dan Duchardt	Respond to of 18137

Herc, A 6% profit in a day ain't much but multiply it by 365 and we're talking some real money. I'll make you a deal. Send me $100 and a foolproof system for making 6% profit every trading day. After one year, I'll send you back $1,000,000. After two years, I'll own pretty much the entire world. If memory serves me, the US market capitalization runs somewhere between 10 and 20 $trillion. (I tried to look it up, but couldn't find the source.) If I spent all my new money on a nice meal, the US market wouldn't cover the tip! Dan

To: Herc who wrote (4754)	10/7/1999 1:07:00 AM
From: RC Stein	Read Replies (1) \| Respond to of 18137

Hi Herc, here's what I do even though I know it's probably not what most folks do. I've gone from over complicating the TA to over simplifying, but for now this works for me. I buy approximately the same dollar amount regardless of the share price. I use QCHARTS, so I set an alarm at 5% below the buy price, one at 5% above the buy price and one at 10% above the buy price. If it hits the 5% below, I'm gone. At the 5% above I go over the charts checking the moving averages and general trending of the stock and let it run. After 5% up I keep real close check on the MA'S and on any strong weakness, I'll get out and not worry about getting the 10% up. If it gets to +10% I'll sell on ANY weakness. If it keeps trending up, I'll stay with it even if it takes 2-3 days, but after 3 days, I usually sell regardless of profit. Right now I'm working off of 10 minute charts, I used to work from the 5 min, but got whipsawed out so much I'm trying 10min now and it seems to be working better for me. I'm also using 13,35,90 for my moving averages instead of the 10,20,50 200 that a lot of folks use. If I've held for a few days, and it falls through the 35 day MA, I sell and take whatever profit is there. Of course, if it turns south at any time, regardless of profit I'm out to protect my principle. Obviously I'm more of a swing trader most of the time. Hope this at least gives you something to think about. RCS