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

To: Technopeasant who wrote (30)	12/1/2000 8:37:23 PM
From: rocklobster	Read Replies (2) \| Respond to of 104

I'm coming to think of market makers as criminals..LOL I had a all or none sell order in on 5000 shares of a stock because I didn't want them filling a 100 shares and the market makers traded nearly 30,000 shares totally above my price... I called my broker to ask him what was going on and he said he was sitting on my order till he got a buyer that could take all the shares.. I asked him why my order wasnt being represented in the market? why was the market trading 1/4 point above my limit sell? and he said he wasnt required to represent an all or none order on the books. I was so pissed and he sat there and castized me for placing this kind of order, as if they should have the right to do whatever they want with my shares or they're not going to fill me unless they damn well feel like it regardless of where the stock trades... That was at Schwab and I can tell you, I moved my account immediately after that.. rok

To: Technopeasant who wrote (30)	12/3/2000 4:09:23 PM
From: couldawoulda	Respond to of 104

technopeasant - as for stops, I normally set them according to the moving averages when I day trade - 9 & 13 day daily to be more specific and I always stick to them. Of course, the 50 and 200 are usually huge support/resistance lines, so they are ones to watch as well. I also like trading around the 15 minute 20 day MA. Others trade by the 5 and 10 day MA. Anyway, pick your moving average(s) to follow, and develop a strict set of rules surrounding them that must be abided by. Also, never remove or move your stops down, and always move them up according to the action on the given stock you're playing.