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Dear Joe,
I for one do think that you are not beating your head against a brick wall
using Supercharts or any other end of day program.
Please don't think that trading intraday assures success in trading. If
anything, trading intraday often hurts rather than helps many traders.
There is a lot to say in favor of interday rather than intraday including
developing a trading plan when markets are closed and developing the
discipline of always controlling risk (stops). Intraday traders often will
"watch it" rather than following through. Intraday traders will often go
with a lot more "gut" trades by getting caught up in the excitment of the
tics.
For the sake of your account balance, master interday trading first. When
you are ready to devote all of your time to trading, then you can move on to
intraday. Don't do it the other way around.
Manning Stoller
Joe Balsamo wrote:
> Manning ,
>
> >Don't you think it makes more sense to determine where the market
> should not
> >go, determine the dollar risk if it does go there and then deciding
> whether you
> >can afford to do the trade?
> >This makes a lot more sense then arbitrarily picking a dollar stop.
>
> This makes great sense to me. I have been doing it "the other way" by
> setting my stops based on a percentage. Of course, as you may have
> guessed, the market thumbs it's nose at my percentages by often coming
> down (or up) to activate my stop-loss, out I go at the worse price of
> the day only to see the market heading to make me profit if I just
> hadn't been stopped out!
>
> I, for one, would enjoy a more detailed discussion on stop management. I
> realize that there are many schools of thought on how to do this, it
> would be interesting to read what different approaches the different
> traders on this list take (without giving away too many secrets, of
> course ;)
>
> Another question to the group. I am currently using SuperCharts. Am I
> basically just beating my head against a brick wall trying to write
> viable systems with SC and should I just bite the bullet and purchase
> TradeStation?
>
> Regards,
>
> Joe Balsamo
> San Diego, California
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