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Strategies & Market Trends : DAYTRADING/SWINGTRADING STOCKS with INTRADAY INVESTMENTS -- Ignore unavailable to you. Want to Upgrade?

To: Sharck who wrote (64)	5/21/2001 1:26:02 AM
From: -	Read Replies (2) \| Respond to of 565

Yeah, like you say there are many different styles of trading and executing... we try to go into a position like it's a surgical strike, we're either 'right, or out'... the entry point is key. There are some stocks/setups where we will pyramid in using two buys (max), but we still go for a breakeven stop as soon as the position moves in our favor and there is room for it. That doesn't mean it has to be exposed to the market-makers or the specialist, though... our stops are either machine-held, or ECN-held for Nasdaq positions... would never recommend an (exchange-held) standing stop on the listed stocks... the specialist will take you out whenever they can... alerts, then a manual execution are better there. e.g. with the Q's you can get in/out quickly via ECN orders. Instead of using a market order, you're sometimes better off with a limit order giving it some room, e.g. 1/4-1/2 above the offer/below the bid... although in some situations (e.g. fast market) a market order will shoot to the head of the order queue faster where even a limit order with room will get stalled and the market will trade over it before you're filled. We never place GTC stops and leave them on overnight... they should be taken off into the close and the situation re-assessed in the pre-market in the first five minutes of trading... then placed as good-for-the-day orders. Agree, there is no "one" way to do anything in trading... we know better than that... many options & styles, different combinations work out for different traders;) Sounds like you & your pals have put together a winning combination! -Steve