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Jim
We always use visual stops, basis close. I always get stopped out at the
wrong time when I use stop loss orders. I feel better taking a chance of a
little additional loss then letting those jokers on the floor make their day
with my money.
Regards
Guy
-----Original Message-----
From: owner-metastock@xxxxxxxxxxxxx [mailto:owner-metastock@xxxxxxxxxxxxx]
On Behalf Of Jim Greening
Sent: Friday, June 19, 1998 2:00 PM
To: Metastock
Subject: AMZN & SEEK
All,
I was worried about today being triple witching and being busy
where I couldn't watch the market, so I put a stop in with Schwab on
AMZN and SEEK. I set the stop just under the mid channel line of my
short term up trend channels which is usually a good stop point for
stocks taking off like AMZN and SEEK have. Of course both were hit.
That left me with a small gain in SEEK and over a 60% gain in AMZN.
Not bad for two weeks in AMZN and one week in SEEK and something I
shouldn't complain about.
However, it also reinforced why I don't like to give stop orders
to my broker. It seems like the specialist always takes them out
before allowing a stock to rise. SEEK stayed down, but AMZN was
actually up four points for the day. I would have been better off
with my usual practice of waiting to see if they closed below my stop.
If I had done that, I'd have a market order to close SEEK Monday and I
would still be in AMZN. Oh well it never hurts to relearn a lesson
while taking a great profit <G>.
Jim
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