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

To: Cormac who wrote (5387)	11/13/1999 7:39:00 AM
From: Dave Bissett	Read Replies (2) \| Respond to of 18137

Great thread!...and my 2% on current topics...I agree that being mindful of various contexts is highly useful...before I learned to do that I was getting killed regularly. So now in analyzing daytrades I look to the stock's daily chart as well as the overall market indexes, either the NASD or SPX...and I repeat hourly to myself "You will not trade against the trend", whatever I perceive that to be. Something like Qcharts that allows you to simultaneously load charts with different timeframes is enormously useful for this type of quick look. But the truth is that sometimes stocks I'm watching move powerfully with the indexes, and sometimes they either don't or they go the other way. When I see practically everything on my watch list start to move the same direction I'm in or out, as the case may be, regardless of much else. I sometimes let myself trade countertrend (on a good day), and I admire those who do successfully, but it often puts my stomach in knots so I limit it as much as possible. My biggest problem at this point is getting out too soon, regardless of time frame. I've learned to hit the sell button so well that I'm cutting gains as well as losses and am trying get myself to hold as long as closes are occuring above a short MA, like a 5-6 bar. Lately this would have been much more profitable, even on an interday basis. I also see a need to learn to shift from intraday to interday as long as a stock is running, say on a 15-30 min chart, in order to maximize trend profits. Dave