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To: Iceberg who wrote (24343)	9/16/2000 5:01:51 PM
From: Ron McKinnon	Read Replies (1) \| Respond to of 53068

Ice most, me included, find entering a position to be all too easy it is the exit that is difficult it is very hard to generalize on how I exit my "legs' but, let me give you an example lets say stock XYZ has fallen from from 135 my legs (using 5ths) might be 100 shares at $100 200 $95 300 $90 400 $85 500 $80 if all legs were filled I'd have 1500 shares at an average cost of $86.67 but unless we have a monster continuous dump there will be a day when stuff goes up so lets say that I have filed the first 3 legs I've got 600 shares at an avg of $93.33 say the stock is at %88 but over a day or so it pops to my avg cost I'd likely sell half there so would have 300 left then the drop continues I fill the last legs so end up with 1200 at $85 avg the stock bottoms at $75 having fallen 60 points from $135 the -25% price in that range would be $120 the -50% price $105 and the -75% would be $90 if the stock over time rebounds well I'd look to leg out 600 at $90 400 at $105 200 at $120 for an avg out of $100 and an avg gain of 18% the above is just kind of an off the cuff example pick any $ #'s you want or any ratio I just tried to give an idea of how in a perfect environment I might move out but every day the are tons of factors that might change the decision not excluding fear, greed, and emotions but generally I do leg out in a similar fashion to legging in