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Strategies & Market Trends : Strictly Buy and Sell Set Ups -- Ignore unavailable to you. Want to Upgrade?

To: chowder who wrote (292)	12/9/2004 10:58:57 AM
From: Bob V	Read Replies (1) \| Respond to of 13449

So, if my stop on a stock is 9.15 and I see that intraday it is down to 8.95, I will wait until the close to trigger the stop unless negative news came out that day. My reason for this is that a lot of stocks bounce back after the stops are taken out. Candlesticks such as hammers and hanging men are good examples of where the price was down significantly intraday and bounced back up by the close. Dabum Dabum Dabum. Where is your discipline my boy. Why even bother to set a stop if your not going to use it. Number one rule is don’t lose money. Your first loss is the smallest. The next thing is you’ll be holding over night to see if it gaps up in the morning. Voice of experience talking. I went through a stage that it didn’t seem to matter where I put my stop or how much slack I gave it, I seemed to sell right at the bottom. It was like a sign flashed as soon as I sold telling the world it was OK to start buying again. Still happens at times but I take the stops and live with the results and try not to beat up on myself to badly for missing some nice moves. Better to lose opportunity than money. I think these rules came from “Pristine” 1. I will sell all of my position at my written stop loss every time. 2. If I am too foolish to do the above, I promise I will sell half my position. 3. I will then sell the back half of my position at the next support level that is violated. 4. If I am too foolish to do the above, I will sell the last half at the low of the day. 5. If I am too foolish to do the above, I will sell the last half at the end of the day. 6. If I am too foolish to do the above, I will quit trading.