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Strategies & Market Trends : Want to make $1000 a week trading.....I'm going to try!!! -- Ignore unavailable to you. Want to Upgrade?

To: Mark Bartlett who wrote (95)	12/11/1997 1:08:00 AM
From: Tim Luke	Read Replies (2) \| Respond to of 1100

Mark, I'm in the process of changing over to Instinet after the first of the year unless I find something better. Right now I use Lombard and Merrill Lynch. When you have a stock like VVUS today down over six points you have to know when to get in. One thing I have learned is to never chase a stock and never buy in the first 1/2 of trading. Be patient and watch it like a hawk, you want to wait for it to run up and then it will drop again and that is when to buy (most of the time). But I can't stress this enough never get greedy, if you are day trading the whole point is to do lighting fast trades Get in and get out as quick as you can. A profit is a profit, I don't care if I say buy 1,000 shares of a company and it goes up 3/16 I will sell, I will take my $157 Profit and move on or trade the same stock over and over. If I'm out at 3/16 and it jumps up to 1/2 or more I don't care I never look back. Its when you try to hold out for a bigger gain is when you get caught and take it from me you will get caught. After the first 1/2 hour click on and see what is moving, the ups, the downs and the most actives. Another good way is to play the dead cat bounce like you did on ORCL today. Somone on the asnd thread asked me how to play the stock last night. My advice was that I thought it would gap up and if you can get out at the open do it because most of the time it will drop fast. Some more of my rules: never second guess yourself don't trade just to trade, wait for your prey if its not theretake the day off. never over trade My golden rule "Never get attached to a stock" stocks are not part of your family you them nothing. don't be afraid to take a loss its all part of the business, its better to take a small loss and move on then get stuck holding a stock that keep falling.. Last go buy this book: The Day Traders Advatage " Moving from one winning position to the next. by Howard Abell Good Luck Tim Luke