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To: steve goldman who wrote (1327)12/2/1997 1:24:00 PM
From: Richard Estes  Read Replies (4) | Respond to of 12617
 
Then you recommend "daytraders" sell each day at close because you know MMs and firm traders that do this? Yet, you feel daytraders are doomed to failure. Could it be because of rules like this?

I don't mind taking a profit on a day basis or a couple of hours but the fear of the overnight change could become so paranoid that holding for more than a hour is dangerous; you never know what can occur in the next hour.