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

To: Steven Ivanyi who wrote (5946)	12/10/1999 5:49:00 PM
From: TraderAlan	Read Replies (1) \| Respond to of 18137

Steven, My wife's response to days like that is always the same: you didn't follow your rules, did you? She is always right. Teresa at ISpec, my favorite trader in the whole world (after LBR) calls it swinging at trades. When you you see a pitch coming, you feel the urge to swing at it. When I swing I lose. When I wait for my setups, I take home the cash. Alan

To: Steven Ivanyi who wrote (5946)	12/10/1999 6:15:00 PM
From: cloudless	Read Replies (1) \| Respond to of 18137

Have a whole pile of Kleenexs in waste paper basket. Steven - I'm sorry you aren't feeling well and you had a bad day. Next week will be better for you. I had to laugh at the image I had of a towering (15 feet or so) pile of kleenexs hoovering over a trader who was moving from chart to chart mumbling, it's going to tank, it's going to tank, gotta short, gotta short..... Cloudless

To: Steven Ivanyi who wrote (5946)	12/11/1999 6:13:00 PM
From: Bilow	Read Replies (1) \| Respond to of 18137

Hi Steven Ivanyi; Re trading when you're ill: In my opinion, just don't do it, or try something experimental instead (and on small share size). I think that as traders, we have to be always on the lookout for new profitable trading techniques. It seems like all trading techniques eventually become unprofitable, due to competition, changes in the structure of the market, or changes in the economy. So we have to keep tweaking our techniques, and looking for new ones. There was somebody on this thread who said that they reserved a certain number of days for experimentation. I mess around when I am sick or sleepy. Friday, I was sleepy and had a good old time, messing around with IPOs and flying turkeys. Actually didn't manage to lose very much money, eventually I am going to figure out a consistently profitable way to trade those stocks (i.e. the ones that are trading on huge volume). I got lucky and made 4% in 14 seconds on that FMRK IPO, buying at 240 and selling at 250. But only 50 shares, due to the rather risky nature of the play, which was an arbitrage from LEHM to the ISLD book. (I made the ISLD spreaed getting out.) It was a great trade, commissions the tiniest percentage of a profit that I have ever taken, and after I came back from getting a drink of water, I actually got applauded by one of the other traders. (A high mark for me.) I ended the day down $200 after commissions, largely due to buying CORL on the CNBC mention, (before they went on to say that it was really overpriced). Ouch. By the way, CORL had some nasty cross action a few minutes later, with LEHM selling huge numbers of shares substantially below the ISLD bid. As far as getting out of the occasional great winner, I need to use trailing stops. That means that I need to think about that trailing stop while the stock is going up. -- Carl