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

To: Trader J who wrote (17)	11/1/1998 2:25:00 PM
From: Mark Hill	Read Replies (2) \| Respond to of 56535

Hey Jeff, good to see your own thread. For some of you new traders out there, I have found just by lurking on some of the more popular threads that you can do well by waiting for pullbacks on stocks that some of the bigger names on SI are playing and then jump in if the story hasn't change and volume is still there. Jeff your pretty brave trading as much as you do w/o L2. Last WED when CYSP was continuing its run of a couple of days I was looking for an entry point. With L2 I was able to see the back off coming in the morning and took a position at 5 when I saw support at 4 7/8. Held overnite and was able to get out at 6 3/4. Didn't think it would go all the way past 8 that day ,but a profit is a profit. I don't think I would have traded this issue w/o L2 as it is harder to see the games the MM play daily in these fast moving stocks. I agree there isn't much time to do proper DD on a lot of the movers, you have to become fast at chart reading which comes with time and experience. Good luck everyone and happy trading! MH

To: Trader J who wrote (17)	11/1/1998 3:47:00 PM
From: Mike McFarland	Read Replies (2) \| Respond to of 56535

Thanks very much for your response. Your $500/day target does not mean too much to me since I don't know with how much capital you are working--but congrats...that's certainly a number you can live off of if you can sustain it. You say in your profile that your do have some positions "out of necessity"--I take it you have losses in some ideas which you are not willing to take? I held two stocks with losses--I decided one was a dog and dumped it, the other I think could pay big...should I double down? {;-)} Set a realistic goal for what you want to achieve That seems to go against the "let profits run" adage-- do you mean to say that if a person has a goal of say 1k/wk they should quit when they reach that? My guess is there are periods when general market conditions make it easy to trade for big gains...if a person trades like crazy then and stays out the rest of the time they should do well...but I guess that is the whole trick. The market in general has come back from it's correction quite nicely--I wonder if we are getting close to the end of that rally and now would be a good time to slow down on the trading. That is my guess anyway...what is yours? -MM