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I'll try this again after a software crash.
<BR>I covered my AMAT - 100 at 23 7/8 and the other 100 at 23 1/2. For
the week I have <B><U>booked</U></B> about $660 on AMAT. If I can get back
in short today in the 24s, I may. It depends on the market. Right now they
are bringing it back up since it is now around 24. They ae doing the usual
shakeout selling then push the price up to a new high in the ask. I should
go long but the good Lord taketh just like the Lord giveth. So I'll just
wait to short.
<P>SInce the profits for today came so quick I felt a little dirty this
morning. (Cheap sex.) Like I needed a shower. But I feel ok now.
<P>Well I have some cash on hand again. If I can make another several hundred
dollars in the next week or so. I might just go spend that six I made.
My ISP is offering life time internet connection if you pay 3 years in
advance, then it is free from there on. They have gained my trust and with
DSL coming soon it could be a nice savings in the long run. I also feel
that I'll be trading for at least a few more years. As long as I can make
money I will do this for the rest of my life, if I can.
<P>Harley</HTML>
</x-html>From ???@??? Thu Sep 03 17:07:10 1998
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From: "Manuel Barquin" <Alemania@xxxxxxxxxxxxxxxxxxxxx>
To: <metastock@xxxxxxxxxxxxx>
Subject: RE: Exit strategies
Date: Thu, 3 Sep 1998 16:57:08 +0200
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<x-html><html><head></head><BODY bgcolor="#FFFFFF"><p><font size=3 color="#0000FF" face="Arial">Al and John:<br>Thank you for your important contributions to this list. I am not in the market yet, but I really appreciate practical information from memebers with experience, even if I am not contributing to the list.<br><br>Manuel Barquin - Spain<br><br><br><br><font color="#000000">----------<br>De: Al Taglavore <<font color="#0000FF"><u>altag@xxxxxxxxxxxx</u><font color="#000000">><br>A: <font color="#0000FF"><u>metastock@xxxxxxxxxxxxx</u><font color="#000000"><br>Asunto: Re: Exit strategies<br>Fecha: miércoles 2 de septiembre de 1998 10:41<br><br>John Manasco wrote:<br><br>Snip-Snip-Snip<br>> So I admit it, I sometimes lose money because of my exit strategies. A<br>> lot more than I would like to admit. So what are some of your thoughts<br>> on exiting a position. I really hope I get a lot of feedback on this<br>> because this is really important to me, and it seems to a lot of other<br>> people too.<br>> <br>> John Manasco<br>============<br>I agree, John. To make money, one should give as much consideration to<br>the exit as the entry. One could do very well entering the market at<br>8:45 am each day provided he had a good exit system that would take him<br>out if wrong and allow him to keep a large portion of profits if right. <br>Last year I was introduced to the 1/2 of ATR and the 1 1/2 ATR exit<br>strategies...exiting if the market moved 1 1/2 of ATR against your<br>position. More conservative: 1/2 of ATR.<br><br>I have found that basing the exit on the ATR gives me a sense of where I<br>am in a move. Studying my market helps also: I have found that when the<br>DMark retraces 20 ticks of a move, the retrace is likly to continue. <br>Also, when I give up 9 ticks on a profitable DMark trade, I will take<br>the profit and, while still on the phone, place an order to re-enter if<br>the price regains the 9 ticks. This one ploy has made a significant<br>increase in what I take out of a trade. Harley made a post concerning a<br>short position on AMAT today. An example of the aforementioned exit is<br>when AMAT traded down to 23, then moved up to 24, take the profit at 24<br>and sell AMAT short again at 22 7/8. If the move continues against your<br>short position, you have your profit. If the move continues in your<br>favor, you only lose a "Potential" 1 1/8 points of profit. If the move<br>does not take out the previous low, you are not in the trade. You have<br>booked your profit. Low risk situation. <br><br>One should not have to second guess a trade: the market tells if you are<br>right or wrong AT THIS TIME. One can have the direction right, but if<br>the timing is off, the results are the same: lost money. Do not take a<br>loss home. Never allow a profit to turn into a loss. Never! <br>On a TBond trade I will take an eight tick loss on an opening position,<br>and then I am gone. I will have lost money, so I cannot be right. One<br>tick on the Bond is $31.25. Commission on a day trade is $28.50. I can<br>always re-enter the trade at a lower cost than staying with a losing<br>position . On a stock trade, if I am short and price trades above<br>yesterday's low, I am out. I have no way to know if the next tick will<br>be higher or lower, but I do know that in order to go up, price has to<br>trade above yesterday's low. If long, and price does not violate the<br>previous day's low by "n" ticks (your own risk tolerance), I will stay<br>with a profitable trade...as long as price does not trade below the<br>previous day's low. If price trades below the previous day's low (- "n"<br>ticks) I am gone. If price turns back up, I can re-enter above the<br>previous day's high (plus "n" ticks). Exit and re-entry...certainly as<br>important as entry.<br><br>How does one develop and maintain this discipline without allowing<br>emotions or feelings to interfere? It really is not difficult. Be on<br>the wrong side of a Bond trade at $31.25 per tick for a full point. <br>Believe you have a feel for the market and get on the wrong side of a<br>govt report day when the bond can and does move 2 points within 5-6<br>minutes. Have a three contract position. Then it goes your way, and<br>instead of making 2 points ($6000) you are out $6000 and you were really<br>right...just off maybe an hour. Very humbling experience. After one has<br>lost lots of dollars, one becomes sensitized. No feelings, just stop the<br>flow of blood early. After one takes some $5000 licks, it ain't hard to<br>take a $1000 loss. Not hard at all. For that loss to get to $5000, it<br>had to pass $1000 first. Been there. Done that.<br><br>Realize that while you are agonizing over a losing position, you not<br>only lose on that position, you lose the opportunity to win on another<br>position. Take the early loss and let it be small. Did not learn this<br>from a book. Paid the tuition in cash.<br><br>Al Taglavore</p>
</font></font></font></font></font></font></body></html></x-html>From ???@??? Thu Sep 03 10:29:50 1998
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Harley
My ISP is offering a similar deal but I think that with cable modems
coming to my area in about 1 year my ISP will be out of business in two
years. Just my opinion.
John
Harley Meyer wrote:
>
> I'll try this again after a software crash.
> I covered my AMAT - 100 at 23 7/8 and the other 100 at 23 1/2. For the
> week I have booked about $660 on AMAT. If I can get back in short
> today in the 24s, I may. It depends on the market. Right now they are
> bringing it back up since it is now around 24. They ae doing the usual
> shakeout selling then push the price up to a new high in the ask. I
> should go long but the good Lord taketh just like the Lord giveth. So
> I'll just wait to short.
>
> SInce the profits for today came so quick I felt a little dirty this
> morning. (Cheap sex.) Like I needed a shower. But I feel ok now.
>
> Well I have some cash on hand again. If I can make another several
> hundred dollars in the next week or so. I might just go spend that six
> I made. My ISP is offering life time internet connection if you pay 3
> years in advance, then it is free from there on. They have gained my
> trust and with DSL coming soon it could be a nice savings in the long
> run. I also feel that I'll be trading for at least a few more years.
> As long as I can make money I will do this for the rest of my life, if
> I can.
>
> Harley
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