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

To: steve goldman who wrote (41)	1/6/1998 11:52:00 AM
From: Nazbuster	Read Replies (4) \| Respond to of 2120

Ken, thanks for the thread! I've been searching for an intelligent discussion of concepts, strategies, and techniques rather than "Hey, this stock is HOT!" discussions. BTW, thanks to Irby and Steve Goldman also for your contributions to this and other threads. In your discussions on the thread, please try to get right down to the basics for those of us without a solid understanding in place. For example: What is it you see while watching the trades that tells you the trend in the next 30 seconds will be UP when the last series of trades are all at the same price? I have been using quote.com's java chart (very slick!) to try to get a "flavor" of price/volume action. I have started to notice that an active stock will have mild price fluctuations for awhile, then suddenly a series of smaller trades will go off all at the same price. What I cannot tell is if this is a signal at all, a signal for an uptick, or a signal for a downtick. In addition, I have no clue as to how far the move will go and whether it will offer enough change to trade it. Once I can read this "ticker" well enough, I'll pay for real-time quotes and start trading. Until then, I'm just trying to learn!

To: steve goldman who wrote (41)	1/6/1998 8:52:00 PM
From: Eric P	Respond to of 2120

Steve: Your post reminded me of a quote from one of the Market Wizards books. It went something like this: ...There are good trades and bad trades, winning trades and losing trades. A good trade is any trade in which the odds of success are in your favor, even if it ends up losing money... He emphasizes that we should focus on making only good trades (based on their probability of success) and have the confidence in our systems to follow our systems, even through inevitable drawdowns. Plan your Trading... Trade your Plan! Happy Trading, -Eric