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

To: Brandon who wrote (9440)	7/6/2000 10:40:07 PM
From: OZ	Respond to of 18137

I took it all pretty well...I puked..twice. Your honesty is very much appreciated. The superior trader focuses on his losers more than his winners. I know that the same thing will happen to me one day since I do hold them overnight quite frequently. I am still in all my IMNX and will probably exit tomorrow. The long hold (6/13) opens me up to such a thing. Over time the risk reward is still on my side though, even in such an event. I hope it does not effect your swing style too much. Taking part of the money off the table when you did was the prudent move you did. Could have been much worse. Regards, Oz

To: Brandon who wrote (9440)	7/6/2000 10:52:46 PM
From: mpg111	Read Replies (1) \| Respond to of 18137

thanks Brandon, I am changing my default to "sell market" to be sure of a quick exit tomorrow morning. My stock had volume, broke through resistance it was heading up with the market and +2 points after market hours. Alot like yours. Plan was to exit via island just after close and I am deviating from this based on the stock and market movement. It won't hurt me to lose a couple of points on this one but like your example, ONE NEVER KNOWS! and I am at risk...could open very low simply because I think it wont...they do that to me :) Maybe I will just sell pre market and call it a week (no buying power if I sell in the morning) Too slow trigger finger and less than a year rookie here, thanks for reminding us all the risk of holding overnight...and I don't even have stop loss available for nasdaq listings! Michael

To: Brandon who wrote (9440)	7/6/2000 10:59:12 PM
From: LemonFlavor	Read Replies (1) \| Respond to of 18137

I almost puked just reading about it. I took a 30% loss on CNQR overnight once and I thought that was bad. On the lighter side (if there is one) Marty Schwartz in Pit Bull said when you get to your puke point you should double your position. Why didn't you? Well, maybe that wouldn't apply here.

To: Brandon who wrote (9440)	7/6/2000 11:52:46 PM
From: Apakhabar	Respond to of 18137

Brandon, Your post was greatly appreciated. I believe traders like to hear stories like yours in the same way that normal peaceful people appreciate a good horror movie. I'm glad that you're successful enough to live through that. I like to think that I'm immune to the overnight dangers since I rarely hold anything overnight, but two weeks ago, I traded a tanking CRDS all day and lost a bundle, and somehow I convinced myself to hold 1000 shares overnight. As the vast majority of my trades involve 100-400 shares, this was completely reckless behavior, and I was rewarded the next day when the stock gapped down four points on the open. Losing the money hurt, sure, but what really hurt my feelings so to speak was that I deviated from my normal trading habits, something you mentioned doing as well. Part of being a successful trader (even a low-rent success like me) is living with minimal stress. Why do any of us trade FT if not to live life on our own terms? So put aside the money; a terrible by-product of bad trades that result from our "breaking our rules" is simply the feeling that we did something stupid. Brandon, I'm not at all saying you're stupid (the quality of your writing indicates otherwise) but I know the drill: we make a trade like that and we smack our heads and say, "How could be so....!" Bad traders wash out on mistakes like this. I don't believe anyone can help them and the truth is, those of us who survive need them to wash out and give us their dough. The point I want to make is that part of the good lifestyle is, as you say, sticking to the plan. By sticking to the plan, we can just shrug our shoulders when somebody says that you can't make money daytrading etc. Some may violently think this dumb, but from a quality-of-life standpoint, I have been been much happier on days when I made my $500 by sticking to my plan than I have been on days when I made $600 being ugly-lucky.