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Strategies & Market Trends : Momentum Daytrading - Tricks of the Trade -- Ignore unavailable to you. Want to Upgrade?

To: H-Man who wrote (1559)	10/3/1998 10:29:00 PM
From: Sheri	Respond to of 2120

EXCELLENT post...Am printing this one to re-read daily! thanks

To: H-Man who wrote (1559)	10/3/1998 10:35:00 PM
From: Ken Wolff	Read Replies (1) \| Respond to of 2120

Wow.... excellent post :) Keep em coming.... Good Luck Ken www.mtrader.com

To: H-Man who wrote (1559)	10/3/1998 10:36:00 PM
From: William W. Dwyer, Jr.	Respond to of 2120

Beautiful! Very good way to look at a generally messy situation. To realize when one is momentarily not fit to trade is a valuable thing. I believe we have all felt that way more than a few times.

To: H-Man who wrote (1559)	10/3/1998 10:55:00 PM
From: Bill Green	Read Replies (1) \| Respond to of 2120

I'm glad you posted that my feelings exactly. One thing I'd like to add. If you take a hit of more than 1pt (stop blower) do the following. 1) Hit the off button on the puter (no shutdown, feels better) 2) Grab couch with both hands and hit head repeatedly on a hard bit. 3) Walk back to puter, look at it and say sorry 4) Turn it on and go through the Scandisk process. 5) Back to trading, nice and calm. <vbg> Billy

To: H-Man who wrote (1559)	10/4/1998 1:29:00 AM
From: Gary Korn	Read Replies (2) \| Respond to of 2120

H-Man, I want to join the chorus and thank you for a terrific post. What a great synopsis of the feelings of taking a loss, and then coping with when and how to move on. As crazy as it sounds, I have a stop loss of nothing to about 1/16th. That is, I'll get into a trade when the bid/ask volume is weighted in favor of buyers. If that bid/ask volume flips (to become top heavy on the ask), often as not I'll be out. Even with no loss other than that created by the spread, I'm out. Sure, I'm learning now to stay with it just a bit longer, to see if that bid/ask volume flips back (while watching time & sales for tell-tale trades under the bid/ask, and futures, etc.), but it is a basic tenet that helps me. Why? Because that is one of my ways of setting a stop. It may mean that I get into and out of a dumper 4 times running with a loss each time. But there is always that 5th trade, when the dumper runs. That run almost always more than makes up for the minor losses. I do the same thing with INTC, my common (though less and less interesting) day trading stock (we all learn over time to move on to greener pastures). Another helpful piece of advice I've picked up on SI is to not think of the loss as money. It is points. Just points. As I go through my morning trade session (until I get spaced and have to stop), I'm thinking of sixteenths, not dollars. That helps. Lose a sixteenth? That's easier to deal with. Don't think about the money. And never be trading just to "win" the money back. That's not trading, its gambling. Thanks again, Gary Korn