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Strategies & Market Trends : Momentum Daytrading - Tricks of the Trade -- Ignore unavailable to you. Want to Upgrade?

To: Ken Wolff who wrote (35)	1/5/1998 11:46:00 PM
From: Ken Wolff	Read Replies (3) \| Respond to of 2120

Rule #2: TRADE THE RULE -- NOT THE EXCEPTION 20/20 hindsight is the biggest cause for breaking rules. 5 seconds after a stock has started either up or down, a trader always says to himself, "I should have known it would do this!". The more a stock moves up the worse you feel for not "trying" the trade. Many times I have purchased a stock, cleared my spread and sold at the first hint of selling, making 1/4 of a point. The stock would go down as I expected and then start up to go another dollar. Unless you know that a large percentage of the time the trade does that, you will be tempted to stay in stocks that erase your profits and start you losing. Know the rule and let the exception go. An exception will reinforce bad trading habits, especially if you make money. Ken mtrader.com