i know this is obvious, but...

Discussion in 'Trading' started by Gordon Gekko, Dec 4, 2002.

  1. LOL actually i'm having a brewsky, soakin' up some suds as they say:D

    to scalp w/o no stop loss is crazy isn't it? that's what the poster was suggesting.
    #21     Dec 4, 2002
  2. It's down right mad.
    #22     Dec 4, 2002
  3. GG you have said all that needs to be said. It cannot be said any more succinctly.

    Start from there, go forward, and reap the rewards.

    #23     Dec 4, 2002
  4. ...place your bet when you believe the probability of winning is in your favor and fold quickly when you discover that it is not.

    ...then wait for the next good hand.
    #24     Dec 4, 2002

  5. what about "hoodoos", long ?? vic niederhoffer speaks of "hoodoos".

    #25     Dec 4, 2002
  6. LOL! hoodoos?

    You read too much. :)

    I can quote Seuss, and I can get juice.
    And when there's a spat, I call the truce.

    And I kiss the booboos and clean up the doodoos,
    But I've never heard of a thing called the hoodoos!

    Is it big? Is it fluffy? Is its nose round and puffy?
    Do you hold it, or mold it? Is it a toy made by Huffy?

    Whatever it is, it sounds really cool!
    It certainly is not one more trader's tool.

    #26     Dec 4, 2002
  7. my mentor told me this... "Don't be upset because of losses, be upset when you don't follow your plan."
    #27     Dec 4, 2002
  8. Gordon, If there was a LAMEO award to be given here on ET for the member who posted the most non essential posts you would win it.
    #28     Dec 4, 2002
  9. silk


    more important is to allocate more capital to winners than losers. How i do this is by adding to my winners, and not adding to losers.

    If i buy a stock and it is working, i will quickly add to the position and ( very important) buy new positions across the sector.

    Likewise, if i buy a stock and it goes against me, i will short other stocks in its sector.

    This is a great strategy for me as i am slow to cut losers. But that is ok because i will not have taken a very large position in the loser.

    Example, this morning i bought THC on the open. As soon as i realized it wanted to rip, i bought other hospitals and hmos. Had THC tanked hard i would not have bought any other hospital stocks and would have considered shorting them.

    This system is how i have made millions this year.

    (whoever said winners never want to share their secrets)
    #29     Dec 4, 2002
  10. dottom


    Your P&L is most impressive.

    The question then becomes how do you determine when a stock is about to rip such that you can add to your position before the ripping is done?

    And if the stock goes against you, and you start shorting other stocks in same sector, how do you determine that the stock is going to drop and not correct/head fake?
    #30     Dec 4, 2002