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Strategies & Market Trends : Trader J's Inner Circle -- Ignore unavailable to you. Want to Upgrade?

To: Jdub who wrote (16)	11/1/1998 2:17:00 PM
From: Trader J	Read Replies (2) \| Respond to of 56535

Jdub, I work in Portland and live across the river. Level II is great if you want to watch every tick. I use Thomson RTQ (free), Charles Schwab (free if you trade enough to get a decent quote bank balance) and am switching to Datek. I will probably use Mbtrader in the near future just to fool around with what it can offer but momentum usually comes from news or accumulation based on an event. Rebounds can be played based on news, but you must be careful. In today's "overreactive" traders, many issues get over sold very, very quickly. If I was going to be making 10-20 trades a day, I would most certainly use a Lvl II system, but to date I have not needed one. I make my 2-6 trades a day usually in the 1st hour and last hour of each day and watch my picks with RTQ through the above services. If I see stock churning that has had a nice run, I will place a 1/4 stop below the current price to lock in the gain. If a trade doesn't begin running very soon after I buy, I may also place that stop 1/4 below. Normally, my picks begin to run immediately or I have misjudged something. If it is not performing up to my expectations, I will take the loss and look for something else. But I never look too hard, I don't like to force it. Frankly, I could not imagine sitting in front of a Lvl II system all day. A real time news service would be a better investment for how I trade. Jeff