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Strategies & Market Trends : TATRADER GIZZARD STUDY--Stocks 12.00 or Less..... -- Ignore unavailable to you. Want to Upgrade?

To: Rashid Garuba who wrote (25370)	10/17/2001 2:30:33 AM
From: NW_Trader	Read Replies (1) \| Respond to of 59879

Hi Rashid, Without doubt, the best trading technique I've ever found is to keep a trade journal - in the beginning, I kept copious daily notes: what was the market's action, major news that affected the stocks in trade, what stocks were on my watchlist and what would put them in trade, why I didn't enter a trade that I had planned, and for each trade, why I entered, what my target was, what my stop loss would be, how it traded intra day and why I exited. As time went by, I got more brief (or lazy) and limited myself to comments on just the stocks I traded. I learned a lot from going back and reviewing these notes, and I still do. I've quasi-mentored a few others who would be traders and the best advice I can give (besides being open minded, having no pride and willing to constantly learn) is "keep a trade journal". Now it's nearly automatic - as I'm setting up a trade I'm already making the mental notes for the journal and the stop is second nature. One change I have made is that I no longer set profit targets ( tho I do have a profit expectation to help set the risk-reward ratio); targets tend to become ego traps that prevent greater profits or limiting losses. Instead, once a trade is profitable, I try to keep following stops that I review and adjust at least daily (sometimes hourly), with a view of not giving back too much of the profit. Here are a few to put on the possible stocks to short list: CIEN EMLX ISSX JNPR MYGN NVDA QLGC. All trade with good volume, have run fast (up 50% in 10 days), are approaching resistance levels and have high stoch reading (%D > 80) for 3 or more settings. Still, I'll wait for the NAZ to change direction - I think. Good luck if you trade them. Peace and Justice --- Patrick