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

To: Robert Graham who wrote (3865)	11/10/1997 8:32:00 PM
From: feewaybill	Respond to of 42787

Hi Bob, I believe in having a disciplined plan of attack. Your plan should include entry and exits points know in advance of the trade. I'm not a day trader but I like to trade stocks with 30 days of volume over 30,000. Having a plan you have backtested and know to be successful along with money management to preserve capital are things needed to survive. Making trades based on emotions and probabilities in this market is very dangerous. I am still working on all of these things..... .......Bruce

To: Robert Graham who wrote (3865)	11/10/1997 11:16:00 PM
From: Chris	Read Replies (1) \| Respond to of 42787

Hi Bob G. as for the daytrader without a disciplined approach.. look at these posts.. you got to be kiddin when you trade without a entry/exit in mind. it's like trading without TA!!! heheheh ============================ =========================== Subject: #1 Day Traders Site - The Final Frontier \| Previous \| Next \| Respond \| To: steve goldman (874 ) From: irby Saturday, Nov 8 1997 12:31PM EST Reply #875 of 930 ALL: look at this post and see if you can spot what this daytrader did wrong or could have done better: techstocks.com ============================================== Subject: SOES Trading \| Previous \| Next \| Respond \| To: Gary M. Reed (944 ) From: Joseph Francis Torti Saturday, Nov 8 1997 9:18AM EST Reply #994 of 1072 How about when something like this that happen to me. Wait let me get a coffee and go upstair and get my confirmation slip. OK I'm back. I was at Block's trading when this happen, now after losing 3 plus G's in that ulcer inducing level two quote. I decided to buy old reliable General Electric to get my loses back. With the recent downturn in the stock and the market overall. I bought GE at 65.00 on 10/28 in the morning and that afternoon I sold it at 66.00 late that same day. After I sold it. It closed that day at 66 «. The following day GE gapped up to 67 5/8 at the open. I patiently waiting for it to go down a little and it did I bought it back at 66 ¬ at lunch time. After I bought I decided I will not watch it anymore that day and spend the day walking around Boston. Now it's almost four o'clock and I am standing in front of Fidelity investment they had this big ticker you could see outside and I notice the dow suddenly plunge and GE was trading at 63 3/8. It closed at that price. Now if I was at block I probably would have dumped it and lost more money and commission cost. But I said to myself f---k it I am going to make money on this stock and I will not sell it. Now it 11//03 and GE is now above what I paid for it I sold it that day at 67 1/4 . I felt like a smart ass I sold it at the high for that day around 11.00am. GE started down after that and at the end of the day it went and closed up to what I sold it at 66 ¬. I said no problem I will buy it back tomorrow morning when the market opened. Fat chance this sucker gapped opened I am not really sure exactly but it did go over $68.00 and continue up till it hit $70.00 I believe two days ago. Now if I had held my original GE holding at $65.00 I would have recouped two months worth of block trading loses in one week. I rest my case. Day trading is for suckers unless you have at least $100,000 to trade. Joe ============================================= Subject: #1 Day Traders Site - The Final Frontier \| Previous \| Next \| Respond \| To: irby (875 ) From: Alex Romanoff Saturday, Nov 8 1997 1:59PM EST Reply #877 of 930 irby: I would say that he didn't have any strategy before he bought the stock, and instead allowed the market (and his emotions) lead him around. One of the main lessons I've learned from my reading is you need to have clear goals and strategy before you buy. That includes having a system to identify where to buy, and knowing both the upside and downside of the position you are taking before you even make the trade. Once you establish that, the downside sell point prepares you for the loss and preserves your capital, and the upside prepares you to accept your gain and be happy with it. Discipline is necessary to execute your strategy and to keep your emotions out of it. I also re-read his post, and the worst thing you can do is to make a trade to "recover" your last loss. Incidentally, have you read the Robert Koppel and Robert Koppel and Howard Abell books, The Intuitive Trader, The Outer Game Of Trading and The Inner Game of Trading? Three excellent books, although the first was my favorite. They support much of what is written by Elder in Trading For a Living, but delve deeper into the psycholigical aspects of trading. They focus on options trading, but the lessons apply equally well to the equity markets. Alex I've been lurking for a few weeks and only position trade at this point, but I may jump in if I feel I have something to contribute. Lots of great info. on this thread, thanks to all. ============================================= Subject: #1 Day Traders Site - The Final Frontier \| Previous \| Next \| Respond \| To: Darth Trader (892 ) From: aeashley Saturday, Nov 8 1997 11:20PM EST Reply #893 of 930 OK Irby--on the GE trader-- Alex seemed on track, just going on what the GE trader said I would throw in the thought that if you are in the process of day trading you can't really turn your back on things. If he had not gone for a walk or if he had used a stop limit. He could have seen that 63 dollar low and bought right back in with a big smile on his face. About four weeks ago a friend came by to see me things were looking super so when he invited me out for lunch I went and, GEEZE I can't believe I have to admit to this...oooohhhh it hurts, but we went to lunch, and I was so cocky I left things and that night I had to call him and thank him for buying me lunch because when I got back to the boiler room, YOWW! It was like a three thousand dollar cheese pizza. I actually can't believe I did that! I signed up for RayJohns free trial and I am not really interested in his service per se...but you know that gentelman has said some things that I was glad to hear. Now Ray really talks about averaging down so when Steve always say No way never average down I have to chuckle because I perceive them both to be successful traders....perhaps very successful...at any rate they both have their styles and on the averaging down stuff I am of no opinion...yet. Well actually I am probably leaning more toward Steve on that, honestly. But one thing I heard Ray say alot and I know he is right is... being in cash is a good thing. There is little doubt that I need to continue adjusting my strategy more and more thataway. There was something else Ray said that really seemed great and I just lost it. Anyway I just read through the big log over there last week and one of you guys was telling someone about here and thats how I found the way over... So really RayJohns is the guy I need to thank for my good luck. AE ================================================== Subject: #1 Day Traders Site - The Final Frontier \| Previous \| Next \| Respond \| To: irby (875 ) From: irby Sunday, Nov 9 1997 2:07AM EST Reply #897 of 930 Things to improve on GE trades: 1)Ulcer inducing Level II quotes........maintain a positive attitude. 2) GE........know why you are buying a position. 3) Recoup losses.......always move forward, losses are expected. 4)Walking around Boston.....never leave open trades unattended. 5)DOW plunges, GE 63.................always have stop losses,never argue with the market. 6) Bought 10/28 Sold 11/03.........never hold trades overnight. 7)Had I held my original GE...........have a plan, stick to your plan.