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Strategies & Market Trends : Daytrading Psychology -- Ignore unavailable to you. Want to Upgrade?

To: the Chief who wrote (18)	12/1/2000 4:47:48 PM
From: Davy Crockett	Respond to of 104

Hi Chief, <<In each case I knew what I was willing to lose before I entered the trade>> ??? BUT, (I am purposely shouting... glad you are posting again... I REALLY appreciate the the time & energy that it cost(s)? you... How did you know how much too lose (loose) ...??? (Before the trade... was it a mathematical formula, was it karma, was it something that I will never understand... (so go back to teaching....) Respectfully yours, Peter P.S. I am so confused...

To: the Chief who wrote (18)	12/1/2000 4:58:57 PM
From: Davy Crockett	Respond to of 104

If I buy a stock on the Nasdaq, say COVD. I bought COVD yesterday at 1 31/32..I am willing to lose 3/8ths on the stock, I place my stop at that point after the buy. The stock is up to 2 3/32 but is trading 6mm shares, so one good day on the Teckie front I figure its good for 2 3/8's in the meantime I forget it. So, "I will ask a basic question; how did you know what to risk... (mathematicaly challenged) Regards, Peter In each case I knew what I was willing to lose before I entered the trade. It releaves so much pressure off of the trade. the Chief

To: the Chief who wrote (18)	12/1/2000 5:48:03 PM
From: rocklobster	Read Replies (1) \| Respond to of 104

that point about "some of my best days I lost money" was brilliant.. this month i have traded BRCM three times.. the first two times I got stopped out for a five point loss each time.. but the stock dropped 55 points afterwards so even though I lost money, I only lost 10 points when it could have been 55 so those were very good trades. unfortunately, I went on to trade it a third time without a stop. bought at 110 watched it fall to 85.. almost sold at that point but am still in it today with a close at 105. even though I am still only down 5 points right now.. this is a very stupid trade... and one that kinda just got away from me... My problem with stops is I have never had one filled at my price... I almost always lose 1/2 to 3/4 or more on the fill I am usually trading at least 1000 shares at a time and often 3,4,5 or 10 or 20 thousand shares.. How the hell do you use a stop on 10,000 shares.?/??? I have seen market makers run a $15 stock down three points in five minutes only filling maybe a few thousand shares between the interim.. that would mean the potential for losing ten or twenty thousand dollars with the stop is very real.. and often times they run it right back up a few points right afterward. I just know it is some poor fool with a large stop order in that just got robbed.. and making it a stop limit order doesnt help cause then they just run right past it and never fill any of it... I have had many heated discussions with my brokers about this and it doesnt do any good at all.. they just give you the same old bullshit "fast market" "orders ahead of you" etc, etc.. How do you deal with this bullshit..... the only way I have been able to is by trading higher priced shares and way less of them but I still get robbed using stops nearly every time.. rok

To: the Chief who wrote (18)	12/1/2000 11:35:26 PM
From: russet	Read Replies (2) \| Respond to of 104

Hi Mr. Chief,...what is Physcology??? Sounds like the study of opening beer bottles and listening to the phys (ggggggggggggg) <<<Look at "beating the market" not making money. Some of my best days, I lost money...hard to understand but its true. The reason was I had "interpreted the signals correctly and got out, shortly after the market flushed or the stock I was working tanked huge.>>> Buy points, sell points and stops are important,...but setting them right is the key. The above statement indicates some of the critical steps necessary. You must know the stock you are making love to. You must know all the people influencing her life, and understand what their actions will do to her. You must know what stage of life she is in,...and what that means to her current performance. If you have any brains you will ask the people(you trust) around her what is going on in her life. You must know what she is all about,...her past, her present, and her likely future. You must consult all experts(you trust) who know something about her and include their thoughts in your actions. You must know what turns her on. You must have a few horseshoes up your arse (gggggggggggg). Knowing your mate, is just as important as setting your stops,...indeed where you set your stops depends on this due diligence work. Watch your mates performance and habits for several weeks before you jump her. Substitute her for him if necessary ;-)))