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Joel
Again, we use visual stops. With our system, we're playing probabilities
and are right about 75% of the time (at least in the direction of the market
until our next signal). We don't try to predict tops and/or bottoms, so use
visual stops basis close. If our stops are hit, basis close, then we exit
the trade immediately that night. If, on the other hand, our stop price was
hit interday and recovered, we make no attempt to exit since we don't feel
we're smart enough to pick tops and/or bottoms.
Regards
Guy
-----Original Message-----
From: owner-metastock@xxxxxxxxxxxxx [mailto:owner-metastock@xxxxxxxxxxxxx]
On Behalf Of Joel Beck
Sent: Sunday, June 28, 1998 11:59 AM
To: meta
Subject: Using Stops
I would like to hear other's opinions on the pros and cons of using stops. I
understand that they are necessary to protect your profits and limit your
losses.
However, I've heard a lot of comments about how the specialists on the
exchange floors, use your stops "against you."
I'm not sure what these people are talking about. Maybe some of you folks on
the list can expand on this subject, and give some advice on how to avoid
this if it is happening as well as open a dialog as the the various kinds of
stops that people use/prefer and the reasons why.
Thanks,
Joel
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