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Gold/Mining/Energy : Daytrading Canadian stocks in Realtime -- Ignore unavailable to you. Want to Upgrade?

To: Mr. Oil who wrote (12471)	5/12/1999 8:47:00 AM
From: the Chief	Read Replies (3) \| Respond to of 62348

I may be wrong but I have gotten burned on BII twice, IWM and now MCF by placing stop loses. In all cases I would have been better to hold and make a sell the next day! I will see how this new strategy works. Comments anyone! I recommend against it. The problem is not with having a stop loss, it is the point you are buying the stock. If you are continually hitting your stop loss, than you are buying at the wrong points(stock still has downward momo). This has been my problem with MCF. I am not initiating the buy at the right point and get kicked out. My solution is not to remove the stop loss, it is either to stop playing MCF, or form a new strategy. Both approaches are better than the one you propose, IMHO. Just for your information, I have never run across a situation described in any daytrading book, or from any daytrading "guru" who says that in certain situations it is better to run without a stop. It goes against the primary rules of daytrading. the Chief