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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 (596)	2/24/1998 6:28:00 PM
From: Street Walker	Respond to of 2120

Dream Machine Auxiliary Web Page Many SIer's have been spending a lot of time assembling the best computer components for a value oriented trading computer. Here is a compilation from DREAM MACHINE (build your own PC) home.att.net Really Cool! Be sure to vist it! S.W.

To: Ken Wolff who wrote (596)	2/24/1998 9:59:00 PM
From: Ken Wolff	Respond to of 2120

Here is an interesting exerpt from the room today. Thoughts? #MTRADER Discussion Summary - Feb. 24, 1998 [8:17] <Ken> as traders you must retain a bunch of generalizations on each type of trade and then assess the probabilities...that is what I am here for....and I am not the least bit emotional...I learned early on in calling trades to "Not care" emotionally... [8:18] <Ken> I used to care and grind about each loss...but I was really worn out mentally.... [8:18] <Ken> Increase trading nerves by 500% and you will understand.. [8:18] <Ken> If you don't get somewhat pissed at losses you will not be a very good trader.... [8:19] <Ken> so I understand negative comments....but you will learn to keep losses small and forget fast... [10:39] <Ken> OPEN shorts were again very good today... [10:40] <Ken> what is the difference between 2nd day gainers and 2nd day dumpers OPEN SHORTS???????? [10:41] <Ken> The difference is the...."Bottom Buy"...You guys should know that by heart... [10:42] <Ken> We are reversing on 2nd day gainers but not on 2nd day dumpers... [10:42] <Ken> why did I suggest a short at the open on 2nd day gainers and not a run?????? today?????? [10:43] <Ken> what made the difference today?????? [10:43] <Samatar> negative opening [10:43] <Ken> RIGHT... [10:43] <Ken> that is how you apply "what is before you" logic... [10:43] <Samatar> indicaters were that traders were unhappy, depressed and ready to take profits and run [10:44] <Ken> EXACTLY....!!!!!! [10:45] <Ken> Overnight amateurs kept the prices up even with a negative open...examples are QGLY SEEK SPCT PSQL OTEXF.. [10:45] <Ken> so we make money off the amateurs... [10:45] <Ken> and if they over react and SELL big overnight...we go shopping.. [10:46] <Ken> Always make money off the amateurs...cause they are locked in their trades... [10:46] <Ken> actually many daytraders are amateurs that wannabie pros... [10:46] <Ken> We get gapping from them too... [10:47] <Ken> they are the ones that bail prior to the open and cause downticking on gappers up...like SEEK... [10:50] <Ken> Please ask for discussion if you need to think about what I have been talking about.....It is of the Upmost importance to be able to react to the market !!!!! Until you can you have me to help you... [10:50] <Ken> Until then you have me...."Isn't that special" In my church lady voice.. [10:54] <Ken> I have fine tuned my trading dealing with SMALL portfolios and I HAVE to eliminate risk.... [10:55] <Ken> a small guy with only 10K cannoth afford a big hit...scares hell out of him... [10:55] <Ken> that is why I let some trades pass GOR.. [10:56] <GOR^TEX> Smart [10:56] <Ken> I take my experience and salt the trading soup... [10:56] <Ken> and heck...I am NEVER hard up for a trade...not yet.. [10:57] <Ken> Yeah..just stay on the "right" side of the trading percentages and you have to be real dumb to NOT make money.. [11:16] <joey^> how u trade the market really depends on how big your dollars are....when I first started my pot was smaller....its substantially bigger now and affords me the luxury of holding some positions longer for bigger gains..... [11:16] <Ken> well said joey... [11:16] <Ken> daytraders take the cream of the crop every day.... [11:16] <Ken> can't beat a good daytraders averages... [11:20] <Ken> right joey...I set stops near 10% on longer term stuff at times.. [11:20] <Ken> It keeps you playin on the falling days... [12:05] <Ken> Only way I know of to play potential runners is to do what I did no PETC this morning....buy the first uptick... [12:05] <Samatar> most predictable trades at this instant in time are, imo, 2nd day gainers: short at open, reverse at first solid bottom [12:05] <Ken> SDTI did not sell off...that is my first option... [12:06] <Ken> 2nd day dumpers are good too sam...but potentially I like the reverse with 2nd day gainers... [12:06] <Ken> makes for more profits... [12:06] <Ken> very good thinking... [12:08] <Ken> action picking up today...lots of oscillator plays today... [12:08] <Ken> I thought it would... [12:21] <Ken> If we see selling prior to the open with a gap up I will begin to stop the gap plays... [12:22] <Ken> see how timing on any trade is the upmost important factor... [12:23] <Ken> We would hold QGLY but have to cover and reverse these gainers.. Good Luck Ken www.mtrader.com