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

To: Steven Ivanyi who wrote (5983)	12/11/1999 5:49:00 PM
From: cloudless	Respond to of 18137

24. Maintain an exit plan. Follow this plan with rigid discipline. 25. Greed kills. Book profits. Thanks Steven for posting these. I've printed them out and will refer to all of them. The two above I violated on Friday and am upset with myself about them. After having a good morning I entered a trade with a 1/2 point profit target. Once I had the shares in my account I put in a limit order to sell at 1/2 pt higher. I based this target on an earlier resistance level. The stock started to move and once I was already in the trade I changed it to 3/4 pt higher. Greed kills - and the stock hit my original target traded there for 11 minutes and promptly plummeted back down. Instead of exiting at the same point I'd entered as I had determined I would do prior to beginning this trade I stayed in until I had 1/8 pt loss at which time rationality kicked in and I sold. I could have made a $250 profit and instead I took a $62.50 loss. It's like +250 or -62.50, like, duh????? Maybe I'll laminate your rules!!! Cloudless