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

To: Robert Graham who wrote (7063)	2/27/2000 11:40:00 PM
From: OZ	Read Replies (1) \| Respond to of 18137

Funny thing is that our top trader puts on over 300 positions at a time and holds them from 1 to 3 days. He used to be a scalper (then he decided to make real money). He is still getting long when the market is on lows. But how can anyone argue with his success???? It is simply amazing. OZ

To: Robert Graham who wrote (7063)	2/28/2000 11:16:00 PM
From: Jeff Sutton	Respond to of 18137

re: number of trades per day ... I make perhaps two or three trades a day, partly because I'm trigger shy, and partly because I'm not really a scalper. My latest strategy is to play the expensive nets, techs, and biotechs -- stocks that make 5-25 point ranges in a single day. My basic premise is that should be able to make at least a couple of points on any stock that moves 10-20 points a day! Still, it's not as easy as it looks in retrospect when you're staring at the daily chart and everything seems so clear. One thing I've notice lately is how the perception of time radically changes when you enter a position. Two or three minutes becomes a long time. I often enter a trade and get spooked out with a small profit a few minutes later only to lose out on a multi-point move! So that's one thing I'm working on ... trying to realize that the 5-10 point moves take a couple of hours to materialize ... sometimes all day. So, my latest strategy is to short the tops and go long at the bottom on these stocks that have wide intraday ranges. I've experimented with different ways of establishing a position. One technique I've experimented with is taking a very small position when I sense a bottom ... then adding when the stock begins to rise off the base. That way, if the stock continues to new lows you can get out with a small loss. Problem is, if I do find I caught the bottom and the stock begins to rise abruptly ... I get trigger shy and am reluctant to buy the stock up a point or so. Of course, it then proceeds to move the 5 points or more! It ain't easy folks! Sorry for rambling. Comments welcome.