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Strategies & Market Trends : Lizard King's Trading Swamp -- Ignore unavailable to you. Want to Upgrade?

To: Paul A who wrote (3412)	12/15/1997 9:22:00 PM
From: TATRADER	Respond to of 7396

Paul, the only suggestion I have is to set a sell(buy stop limit on any position you buy or short)--hope I have this right......Put it in soon after you buy or sell short....That way you will be taken out if the market goes against you...Your pain is not minimizing losses, and I know the pain....I lost $5000.00 over the past two weeks...I won't tell you about how much I have secured this year...That would be bragging and I don't do that...If you are chartist like I am, I look to sell or buy if the stock breaks a pattern.....For example today I went short in UACA at 6 7/8.....The pattern is a rectangle from 7.12 to 5.67....I studied the volume of the stock as it went into the top of the pattern...3 day,5 day, 10 day, 20 day...I calculated the overhead resistance at 7.12....With firepower of volume coming in to 7.12, I calculated it was not strong enough to take out the overhead, so I shorted.....Now if the stock closes at 7.25 tomorrow, I will be out and minimize my losses...However, I have a feeling I will drain 3/4 point on this one...I now know that I will be shorting on a regular basis....I feel I am good at this, and not as many traders regularly play the short side...Even my teacher, Zeev, does not, so that is one less brilliant mind I have to deal with....Give me the Santa rally, I am ready for combat...I have so many stocks that are tanking it makes me more certain that my triple top is no mistake... Regards, Mark P.S. I am going to have to get a NASDAQ and other market charts to study...