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

To: LPS5 who wrote (7500)	3/18/2000 12:40:00 AM
From: Knyyt	Read Replies (2) \| Respond to of 18137

Hello Daytraders, I am a new member to SI, just signed up. I have been following (lurking) this thread since its inception due to the quality of the posters here, this thanks is for all of you. Next i would like to sincerly thank you Eric for creating this thread, and for your work setting up the thread summery list. One thing i did that may help new traders, is to get a binder and print out interesting topics using the topics on the link list, so that you can referance easily anytime you wish. I troll the web and print out pages that i find interesting and put them in my binder under the respective topic for easy referance. ( You can also buy reams of paper that already has pre-punched holes in it.Makes it alot faster and less messy) Now for a question i have been itching to ask the list concering initial stops. I am a beginning daytrader trading 100 share lots and not scalping for 1/8th or 1/4's for a frame of referance. When i first enter a order, i am trying to find optimal placement of my stop and would like comments from others as to the best way to do it. One way i was thinking was to place a stop at 1-2 percent of the stocks price. Another way would be to set the stop based on my account value,again 1 or 2 percent of the accnt. Mostly i am entering when stocks are at their highs of the day only as i am not comfey entering on retracements. Another way would be to set it just above the last low point before the upswing, but that is usually 1 or 2 points away, and that doesnt seem very low risk to me when i already dont have any open profit on the trade. Mostly what i see published about stops is geared for swing and futures, and i havent seen much about daytrading. Any experianced daytraders who have been through the fire so to speak have advice or thoughts regarding initial stop placements? Thankyou, Knyyt P.S. Congrats all on passing the 7500 mark, truly the best quality thread on SI.