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OK, But it seemed very logical from where I was sitting! How about
explaining what are Scalp trades?
Since that is what I am doing? I thought I was a cowboy, now I am an
Indian??? trading scalpes
I always thought I was just a good olde boy!!!
Don (Jethro Bodine)
-----Original Message-----
From: Patrick Slevin <slevin@xxxxxxxxxxxxx>
To: reen@xxxxxxx <reen@xxxxxxx>
Cc: RealTraders Discussion Group <realtraders@xxxxxxxxxxxxxx>
Date: Thursday, October 23, 1997 6:19 PM
Subject: Gen: Lessons Learned
>Okay, you answered my question....In essence, you are trying to make scalp
trades.
>
>Fine, I just could not figure your logic before.
>
>--PJS
>>
>> Well, it was an interesting market and trade. As I stated earlier, I
wanted
>> to short BA when I heard about the major crash in Asia and Europe. Why,
BA,
>> it is one of the biggest exporters and it has already been rocked the
last
>> few days.
>> Unfortunately I can always get a good price.. This is a mistake I often
>> make when the market makes a strong move. I try to catch the initial
blast
>> but usually I don't because my trades are too small, relatively speaking.
>>
>> I do a lot of shorting when all hell breaks loose. So I placed my order
>> before the market opened. Then the stock dipped and I should have gotten
>> out, but due to time differences between west coast and est coast I am
not
>> thinking too clearly at 7am PST... So I just let it ride.
>>
>> Then as it keep rising, I got concerned, after it rose to 49 and stayed
>> there for 30-45 mins It seemed to be making a top.
>> So I thought I could average down my cost by buying another 1000 shares.
At
>> this point the market was beginning another down wave. BUT BA keep
rising?
>> So I became more nervous and keep watching the tic, it was strongly
negative
>> and the market stay pretty strongly down.
>>
>> Then around 1:00PM est, I decided it wasn't going to work in my favor, so
I
>> have learned there is USUALLY a strong market move up or down at around
>> 1:30PM est. SO I decided to get out at 49 if I could. I was lucky to get
out
>> where I did.
>>
>> I am still surprised that BA didn't go down further. All things
considered
>> it should have..I thought I had chosen the right stock considering what
was
>> happening. But BA had a lot of strength considering so many negatives.
>>
>> I do appreciate your comments like the one I received from nwinski, about
>> how he felt I used poor judgment. This may be the case, based on logic,
but
>> I don't always use logic in my trades. It is more a gut feeling. Your
>> feedback gives me way to maybe fine tune my trading style. I doubt if I
will
>> change, but I do consider all that is said.
>>
>> As for when to buy and when to sell, I usually just wait for a stock to
>> stablize and then buy or sell, or I sometimes I just
>> play a hunch.
>>
>> If you have watched my trades over the last few days, I like to play
>> momentium and the waves in the market.
>>
>> What have I learned? stop trying to catch the first wave....! As I said
on
>> BIG movement days, I try to get in early but never do... I hope to
correct
>> this flaw, but not looking hopeful. I also try to ride the bounces in
the
>> market, based on short covering
>> close to earning release time, like I did with Micron Tech, and Intel.
>>
>> What is an expectable loss, hard to say, I remember back in the early 80
>> when I made and lost $20,000 in 5 days...
>> I think I am a little wiser, but not always sure.
>>
>> For those nice fellows who send me the not to friendly e-mails, I am
sorry
>> if I have offended anyone.
>> I decide to try this as a learning experience for myself, gaining from
your
>> feedback, and for those who might want to consider day trading. It is
hard
>> to expose yourself, in this way. I feel somewhat like I am being
evaluated,
>> in a fish bowl. or taking my final exam at Day Traders school.
>>
>> So I worry, a little that I might trade based on what you all might think
>> rather than what I think is right. So please understand!. I hope my
gains
>> and losses provide some purpose to those of you who don't DELETE
>> automatically when you see my name... DAM another stock e-mail....NO
>> BEAUTIFUL CHARTS! with all of them lines..
>>
>> Please make your comments via this forum for all to see, unless you want
to
>> gus at me for being such an "arrogant fraud,
>> showoff, or dam fool.
>>
>> Regards to All
>> Don Green That Smart Ass!
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