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Strategies & Market Trends : Stock Attack -- A Complete Analysis -- Ignore unavailable to you. Want to Upgrade?

To: Chris who wrote (3863)	11/10/1997 2:36:00 PM
From: Robert Graham	Read Replies (2) \| Respond to of 42787

Good thoughts, Chris! On another topic, I have been trying to help this trader on the "From the Trading Desk" thread understand about how important a plan is for trading and the discapline sticking to the plan. But as he mentions in his reply to me, he says discapline is only for those who do not understand which direction the stock will be moving. 8-O Now I open this up for discussion here. So he does not see anything wrong with him converting a day trade into a position trade because he felt "quite sure it will gap up 1 or 2 points tomarrow". This is after he has seen at least a 2 point profit on the stock that he is day trading. Also, I pointed out to him that it is not a good idea day trading illiquid stocks. The stock he was involved with had days in the recent past that traded 600, 100, and 0 (zero) shares. Many days were on the order of 2000 shares. Only very recently did the volume move up, and it did this by a whole order of magnitude due to I think some merger rumour, which he is evidently playing off of. So he is using this most recent activity as proof to him that the stock is not illiquid. Any comments? Any prognosis on the future successes of this day trader? I am open to any observation here. This is just for our own edjucational purposes on this thread. David Cook? I see you involve yourself with the low-cap and more thinly traded issues compared to what I am used to, and you appear to be successful in this area. Any comments on the approach taken by this trader? Bob Graham