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Strategies & Market Trends : Systems, Strategies and Resources for Trading Futures -- Ignore unavailable to you. Want to Upgrade?

To: Michael Rich who wrote (14090)	1/29/1999 9:06:00 AM
From: Tom Trader	Read Replies (1) \| Respond to of 44573

>>When you exit long positions, do you do it in some particular order, eg, the weak ones first?<< I exited my losers in December to obtain tax losses -- so I am in the rare position of not having any losers at this point!! As far as exiting other positions, I don't have any particularly sophisticated method; in the case of stocks that have reached new highs I have been exiting them in phases at pre-determined levels -- levels that I feel represent a decent profit. For example, yesterday I sold half the AOL shares at 172 and will probably exit the rest today. Stocks that are not making new highs, I look for a point where the nearest resistance is and place a GTC order to exit at that price. Michael, as you know, I do this from time to time when I feel that the market is too ebullient and vulnerable. My past record has shown that I tend to be early when it comes to exiting the market. But I also am rarely caught in a situation where I have to bail on weakness. For all I know the market could go up another 20% after I sell, but I am willing to leave some profit on the table -- and I don't look back. As I have told several people at various times, every year during bull markets there comes at least one or two occasions when stocks are on sale -- I like to be liquid at those times to be able to buy stocks at a discount. My regards