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

To: Lola who wrote (13217)	5/17/1999 6:17:00 PM
From: Mr. Oil	Respond to of 62348

Someone once said it will take a long time to go broke taking little profits! Some truth to that I think.

To: Lola who wrote (13217)	5/17/1999 7:31:00 PM
From: Cameron	Read Replies (4) \| Respond to of 62348

When I posted I was getting in to SKG @ $.20 I could just imagine everyone rolling their eyes back into their heads. I think I did it myself, actually. But, in my mind at least, the momentum was still there... so away I went. Placed a stop at $.16 - never got hit. Watched it very closely... average volume dropped down to about 44,000/minute (down but still unbelievable strong overall) at 12:42 but price was still holding well.. did start to think about bailing if volume started to drop off further - still good bid volume showing up though... then volume accelerated a bit again. Had a funny feeling the run wasn't over yet. When the wall appeared at $.20 on the sell side - seriously thought about getting out. Again though, there seemed no end to the demand. In any event, I think there are 6 tricks with a stock like this (1) if you get in right away, great... if you don't wait until it hits the first resistance point and see what happens... if it can't carry its momentum walk away! I've lost out on some good opps because of this one but it is close to a golden rule for me when I trade (2) don't even start to think about fundamentals - I actually make a point of not trying to remember the name of the company (3) as long as the momentum persists on the bid side the price will often go up (4) make absolutely 100% certain that you clear your position at the end of the day. I jumped out at $.29. Thought about holding on for a bit to see where it stopped.... but better to get out when you want... than try to optimize your profit. (5) Always take a small loss and eat your transaction costs rather than holding for an extended period and hoping the price climbs back up to your purchase price. (Clearly differentiating between stocks I trade vs. stocks I invest in here). (6) only play "stupid" stuff like this when you're in a really good mood. I know this sounds dumb but if I get tense, etc. I inveritably screw up and lose money... set stops too tight, sell out before the transactions costs are covered, etc. Anyhow, I think everyone has a set of rules that is similar... but since I'm kinda new on this thread... just thought I'd share mine. The interesting things now is whether it will carry its momentum overnight... or whether everyone will wake up and realize they just purchased shares in a company they know very little about... can't wait... and I'm not even going to pretend to look at the press release again or try and figure out what this sucker is even worth. ps. I also have a "real portfolio" of stocks which are either fundamentally very strong and/or which I believe have strong future potential and are only a PR away from Nirvana!!<g> Just threw this in since many of you don't know me and I didn't want you to think I was an absolute loon!!