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Wayne....
A month ago, I read a good article by Jake Bernstein that proposes
eliminating stops....He did a series of trades and then used different Stop
loss levels and found the best was without stops. So, I decided to follow
suite only to end up with BIGGER losses than before!
Somehow, I've gotta start winning in my trading, I'm a 100% loser so far
since starting in Sept. Add to that my dismal stock record (90% losers
in a roaring bull market) and you can see how damned discouraged I'm
getting!!!!
Darrell
Wayne/Jan Royal wrote:
> Darrell Zang wrote:
>
> > Everbody....
> >
> > I've got a question that seems to have no easy answer....Maybe
> > somebody
> > on the list can help.
> >
> > >From all I read, it's said that scrupulous money management is
> > absolutley necessary to be a successful trader. Things like, never
> > trade with out protection stops, etc. It is also said that you
> > shouldn't risk more than 5% of your portfolio to make any trade.
> >
> > HOWEVER, when I try to follow this advice and place my stops within
> > 5%,
> > some jerk on the floor goes after my trade and stops me out!!
> > I've done a trade at 2:00 and been stopped out at 2:01. That hurts!!
> >
> > I've tried on close stops, but that doesn't offer much protection if
> > your moved against strongly.
> >
> > My, question.....How does one keep in the market and still practice
> > money management?
> > How to keep from being stopped out???
> >
> > Darrell Zang
> >
> > Darrell Zang
>
> Aloha Darrell,
> At your closest bookstore, get the recent book by Victor Niederhoffer,
> "the Education of a Speculator"
> ...it's invaluable and in it, he speaks of stops...he doesn't use
> them...and he trades billions every day.
> along with Soros and the other market makers.
> It's great reading, lot's of humore
> and talks of life itself, not just these crazy markets we're all trying
> to understand. You'll enjoy it.
> Take care,
> Wayne
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