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To: steve goldman who wrote (2361)	1/12/1998 8:54:00 PM
From: dpl	Respond to of 12617

>.you shit like an elephant and eat like a bird.< Steve,can I use that one?<g> David

To: steve goldman who wrote (2361)	1/12/1998 9:32:00 PM
From: Richard Estes	Read Replies (2) \| Respond to of 12617

"As well, we probably don't hear much from those traders who did take stocks home time and time again because they probably crapped out and no longer frequent these boards." I am still here, looking for someone to define: How they pick a stock to buy for a day? and why? how do they decide when to sell? and why? I haven't seen this, the only thing stressed is don't hold overnight or the world will fall on you. If there are people daytrading stocks, I assume they make up .000001 of the public and as Irby says most will fail. What is that wet behind your ears showing? What do you consider a big gap down? 1-2%? How often does that happen, do you have any data on that? Why would you as a broker suggest to clients that they buy and sell each day? Would a broker make money off each sale? 255 trades a year X $50 a turn is $12,750, if your company charged a $25 commission, does it? But you have been doing this since you were 12 years old and you consider it good advice.

To: steve goldman who wrote (2361)	1/12/1998 9:50:00 PM
From: RICHARD STURM	Respond to of 12617

I whole heartly agree. Discipline is the key. When i reviewed the book Market Wizards for an investment club in Menlo Park, i stated that the most critical element was discipline. Jack interviewed many traders from different areas, equities,futures,commodities options....etc etc. All had a method that worked for them,but the critical element was that they applied discipline to that method. Richard Sturm Newbie Daytrader

To: steve goldman who wrote (2361)	1/12/1998 11:22:00 PM
From: G.F.	Respond to of 12617

Steve, I agree with the need for discipline in following one's plan and am guilty of not following my own rules (which I have come to regret and will no longer do -- I swear). But why not build flexibilty into the plan. I do not see the necessity of defining one's self strictly as a daytrader or position trader. If you are sitting on a nice gain, and strongly feel that it will continue, take it home, or if you are risk averse, sell half the position and take half the position home. It is when you take home a loser that you are really looking for trouble, that is a given. Although, in today's market I am much less inclined to take home even a strong position. GF P.S. I realize that sometimes there are times when a gap down is not predictable and that it might be much larger than your gain, but gaps up happen as well. I say taking home a big position is risky, but there are ways to reduce risk albeit gain as well.

To: steve goldman who wrote (2361)	1/13/1998 6:20:00 PM
From: Eric P	Read Replies (1) \| Respond to of 12617

Steve: Thanks for your comments, I appreciate your insight. I would value your view on the best way to get filled in an active stock. Let me give you a hypothetical example. Let's assume that you wanted to close out a short position of 1000 shares of DELL. The stock has just finished dropping 1 1/4 points in the last 20 minutes. You see that the market has stabilized at 80 bid and 80 1/8 asked. Further, you note that the 9 marketmakers on the ask has quickly dwindled to 5 in the last 15 seconds. Viewing your level II quotes, you see the following on the ask: 80 1/8 MASH 10 (i.e. 1000 shares) 80 1/8 GSCO 10 80 1/8 ISLD* 6 80 1/8 BEST 10 80 1/8 INCA* 24 80 3/16 JNSN 10 80 1/4 ==> Two marketmakers with 2000 shares 80 3/8 ==> Five marketmakers with 4500 shares How would you seek to execute this order? a) SOES order b) SNET preference to MASH c) SNET preference to INCA d) SNET preference to ISLD 600 shares, fill remaining 400 with (?) e) Other? Being the head trader at your firm for many years, I know this is likely right up your alley. I would appreciate your advice and insight in how you would proceed to close this trade. and equally important, why you would choose that path. Your thoughts would be VERY helpful for me and likely many other readers of this thread. Thanks and Happy Trading, -Eric