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

To: Darren who wrote (874)	7/11/1998 11:53:00 PM
From: Dr. Harvey	Read Replies (2) \| Respond to of 1729

The market can be the devil..???????, No, not putting in a stop to protect a 13 point gain is the lesson learned; the devil be damned!!

To: Darren who wrote (874)	7/12/1998 10:08:00 AM
From: Rarebird	Read Replies (2) \| Respond to of 1729

Gentlemen: First of all, I want to say that this is a great thread with many insightful ideas. I have been day trading and investing for the short and long term for 16 years. There are elements of truth in each mode. Day trading is a very beautiful exhilarating experience. There is no greater high on Wall Street than to hold a position for less than a half hour and make $1000-2000 on the trade. However, day trading is only a profitable profession because of the long term investors and institutions who hold the stock for the long term and who maintain a buy and hold state of mind. Secondly, I agree with the day trader state of mind that profits are meant to be taken and each trading day should begin with a clean slate. At the end of the trading day, all positions should be liquidated so one can enjoy one's family, friends, and above all, the rest of life. The whole point of day trading is to have no worry or concern over night! On the other hand, there are certain stocks that should be held for at least a few days to maximize profit. These stocks have just broken long term resistance at a certain price point and are poised to rally strongly over the short term. To get out to quickly here is a mistake. Thirdly, to maximize profit on Wall Street, one needs many different strategies. For example, if you can discover that a certain stock rallies strongly for a few weeks prior to its earnings announcement, why not hold the stock for a few weeks? Or, if a stock reports super blow out earnings, its going to trend higher over the short term even after the initial surge. Fourthly, as a day trader one should have the freedom to not trade for a day or two or even a week. A short term play can be more profitable. In conclusion, I have never known a poor trader and I certainly respect the profession of day trading and the art and science of working the spreads on Nasdaq. I just think that used exclusively, Day Trading, limits one's profit potential. It is better used as an element within an over all more eclectic trading strategy.