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Strategies & Market Trends : The Final Frontier - Online Remote Trading -- Ignore unavailable to you. Want to Upgrade?

To: Alf who wrote (3751)	4/19/1998 4:50:00 PM
From: funk	Respond to of 12617

When daytrading is there a predefined profit that you are after ? ex. 1/8 or 1/4 or is it a combination of the chart and gut feeling ? I use the second of the 2 and sometimes my biggest mistake is greed ! ex. last week bought YHOO at 125 1/8 - within 10 min. I think it got to 129 - when watching it go up so fast my plan was to exit at 128 3/8 - got greedy, it droped just as fast as it rose and ended up selling at 127 1/8 I would never enter a trade that I felt only had potential for an 1/8 or a 1/4. A trade that ends up netting me that is basically a failed trade in my book, albeit better than losing anything. As far as exit strategy, it is for me also a combination of charts and guts and I would say that level II is a good helper for exits, but would have to be in my book seen more as a confirmation of what the charts tell as opposed to the other way around. After all while Level II provides more info, just like anything else in the world there can be "bad" info mixed in with the good and I find that to vary from stock to stock and from time to time, keeping in mind that my experience is still very limited so I can only speak from that small amount of exposure to level II. At any rate making a good exit seems to be most difficult when a stock is making new highs or really tearing. We all want to let our winners run. funk