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Gold/Mining/Energy : Day trading in Canada -- Ignore unavailable to you. Want to Upgrade?

To: keith massey who wrote (1887)	12/24/1998 4:22:00 AM
From: Wizzer	Read Replies (3) \| Respond to of 4467

CONCERNING STOP LOSSES: Trading Mond scared the crap out of me because I didn't have a STOP LOSS for a few days. I had a lot of money (for me personally) on the line. I was waiting for the official release, until I saw some funny trading and decided to put a STOP LOSS in. Within 5 minutes I was hit and although I thought it was OK to have made a profit, felt I probably could've made more money. It turns out that, in retrospect, it was the best thing that could've happened. A couple of hours later, it was halted, and IMO the release was really shitty. The stock opened up the next day at 38 cents and is still below 50 cents. I bought in at 50 cents, and sold at 69 cents for a nice profit. The point I am trying to make is that I believe it is effective for the sake of capital preservation, to use STOP LOSSES on all trades. Before I used STOPS, my trading was always a disaster. On a stock that was dropping, I would reassure myself that it would go back up or how much money I would make and always lost money. Now, when I am in a profit situation, I like to either put in a "tight" or a "loose" STOP LOSS at a specific price. Lately it has worked really great for me, on all the stocks I've traded in the past month or so (6 trades: 2 no STOP LOSS entered, 2 trades a "LOOSE STOP LOSS" entered, respectively). These trades were held anywhere from a 1/2 hour to a few days. On the first two trades, I made a little money and the other one I lost a few hundred. The next 2 trades, I made decent gains but could've made more money. The last 2 trades, I have bonused out "big time" on putting "tight" STOPS. As the market is rising, I follow the BID/ASK and re-adjust my STOPS as I see fit from the Market Depth. I will usually leave around 5 to 10 cents on a stock under a dollar, and probably around 10 to 15 cents over $1. This may vary for others depending on the amount of risk someone wants to take, but I like my method especially on a stock that is running. It requires seconds not minutes to be able to change a trade, and I simply do not have fast enough access to my Web Broker. Downside can come suddenly, and I don't always have the time to react, before I start to lose. I believe most trades would end up in the money, if I use these parameters for the way I trade. Of course, the scary part is the first 1/2 hour of a trade, when I am usually naked of STOPS. I probably should also used STOPS upon confirmation of a FILL, and choose how much I will sell below the price I bought at, as a loss before I want out. Just felt I should share my thoughts on this, and would appreciate your feedback and personal experiences. Regards, Wisam

To: keith massey who wrote (1887)	12/26/1998 4:46:00 PM
From: Brian Diggle	Read Replies (2) \| Respond to of 4467

To Keith & All I've had it with GreenLine/WebBroker & am looking for a New Broker. I need your guidance on whom I should select. To give you some idea of what I'm looking for, here's the text of an email I sent to ETrade Canada. Can I "Daytrade" using an E-Trade Account. Can I for example buy 1000 XYZ at 9:30 am and then sell the same 1000 XYZ at 9:35? I can't do this using Greenline's WebBroker, which is the principle reason why I'm shopping for another Broker. My initial deposit is clearly to be made by cheque. Subsequent deposits, however, may have to be made by some sort of electronic transfer. Please supply details on how this would be accomplished. In the "Change Order" screen, I didn't see a "Cancel/Replace" Option. When will this option be added, so that I don't end up buying/selling twice the amount that I intended? I can do a cancel/replace with Greenline, but not in WebBroker--so this extra insurance costs me $13. Shorting Stock What issues do you have available to lend so that I can short them? Your answer can be somewhat vague here, but I need to know that most times when I want to short a stock I'll be able to do it with your firm. Thanks for any help in selecting the best Canadian Broker. It's such a hassle changing Brokers that one doesn't want to do it very often. Yours truly, Brian Diggle.