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

To: chowder who wrote (9003)	4/7/2006 10:02:18 PM
From: sixty2nds	Respond to of 13449

Thank you dabum3. I am confident with entries. It is MUCH easier buying strength. Suprisingly, it feels natural using the stop orders...twitches near the close today excluded. Those were growing pains. I'll grow. If I can't see the stop it is NOT a trade. Like pieces of a puzzle the entry and stop fit. No fit, no trade. As you suspected profit targets were estimated from the weekly chart 99-00 era, TC2000 Gold. Guesses. Guesses and letting profit protect rules take over. I am ruthless with those rules. Guesses are not the way I like to run my railroad. Is there a better way to establish targets? Send me to the library. I will climb that wall. If the answer is let the profit rules take over I am satisfied. I am not a junkie for news/info I am a recovering junkie. I'm ok with that. Point me I'll shoot. The more immediate problem in my opinion is trade portfolio weighting. Is it acceptable to grow FAT on winners? My stop orders should take me out of the weakest positions. Those stops could easily take me out of all positions. No tears. No 2nd guessing. Tomorrow is another ball game. Play ball.

To: chowder who wrote (9003)	4/11/2006 12:25:46 PM
From: sixty2nds	Respond to of 13449

Handling losses? I hadn't done that recently. I just got a quick review of the drill. Let me start with the end of the trade. WTSLA, sold all at $5.98. LOST 3%. That is AFTER being up +/- 11%. That is mortal sin in my trading book. This morning WTSLA gapped down on the open to $6.06, fell to $5.85. My stop limit order was @ $6.16, breakeven. I have now observed, not just read about, the difference between stop/stop limit orders. The stop order would have gone off just after the open. I was not at my desk. When I did get to my desk I saw. I saw the "low volume" felt that temptation to wait. WTSLA had climbed to $5.97/$5.98....It will rally to the stop limit. You'll bust even. Mantra kicked in. The Plan, The Plan. The Plan was flawed. DANGER. Read and react. I hit that sell button. Ran to the cashier for my $5.98/sh. Position closed. Next! 1. Entry point 2. STOP ORDER 3. Target(s) Professor, may I stay in class?