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Strategies & Market Trends : Trading For A Living -- Ignore unavailable to you. Want to Upgrade?

To: surfinSteve who wrote (789)	7/8/1998 10:43:00 AM
From: flashy	Respond to of 1729

Last year I used to enter a position in a stock, not "planning" what my exit point was going to be -> be it a stop loss or even a profit. I am finding that if I look back to my spreadsheet this year of all the trades I have done, the ones which I had a game plan on, went really well. STICKING with the game plan and not changing mid stream (i.e. letting your emotions get in the way, like they always want to) is proving out to be my best method for successful trades. I had so many trades over the past few months were I was good at putting my stop losses in. Then, I started panicing that the stock was showing some signs of going down. Naturally I decided to cut my losses "MORE" than my original game plan and get out then. Sure enough, minutes later the stock ran up over the price I had bought the stock for. UGH!!! GAME PLANS....STICK WITH THEM!!!! My pearls of wisdom for the day. Cheers