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

To: RayV who wrote (11502)	3/18/1999 4:18:00 PM
From: Trader J	Read Replies (4) \| Respond to of 56535

Ray: Firstly, no question is "dumb". Yes, I have goals in mind for every trade regardless of the issue or number of shares. With CPQ, it is a very loose goal and is more a downside stop than an upside target....as it tends to drift usually. As my upside target, I am looking at 34-35. My mental stop on CPQ is 30 1/4. With this issue you don't have to worry about it dropping 8 points in a day, which is nice in this market. A position for me is anything greater than an intraday trade, meaning I am holding through the close. Usually I mean greater than 48 hours. But, if you have followed this thread for very long you will know that I advocate position trading with day trading tendencies. If a position hold start to run against me, I will sell it immediately and look to reenter. It is very important to remember that regardless of the hold time of your trade, you can ALWAYS sell it and buy it back. Better to protect yourself on the downside and risk buying it back 1/4 or 1/2 higher. This is the rule that I broke with WCAP this week that cost me. Thanks for the note. TJ