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Strategies & Market Trends : TATRADER GIZZARD STUDY--Stocks 12.00 or Less..... -- Ignore unavailable to you. Want to Upgrade?

To: TATRADER who wrote (237)	5/9/1998 9:30:00 PM
From: Rashid Garuba	Read Replies (1) \| Respond to of 59879

Mark, I have improved tremendously in the use of stops this year. As soon as my guard goes down however, I slip. This past week, SPYGL bit me. Trying an approach of buying at a 1/4 above the 1st 5 min high. The reason I did this is beyond me. The rule that has made me money is to wait till 10 am on gappers. If the stock manages to approach and exceed it's 10 am high it's good for the day. Guess I got bored and tried to do something more exciting. Well, SPYGL had moved on good volume the prior day. I use E*Trade and hence have a disadvantage in quick markets. I got in at 7 3/4. The idea was to use a stop immediately at 7 1/2. While I enjoyed the brief run to 7 15/16, I didn't put in my stop. As spygl headed back down (about 9:45) I froze and didn't get out till 7 1/8. And you know they immediatelly reversed it back up to 7 3/8. lost a quick $1700. Made it back and more through the week, but did not have to happen. Have to learn that really successful trading should be boring. Rashid