|To: DAY TRADER who wrote (35)||4/19/1999 9:24:00 PM|
Day Trader, <OT>|
I use E*Trade to execute and I monitor my positions with My Track Level II. I was so busy watching another position, I did not notice NCLS's upward movement until it was almost at 2. I had set my alarm for it at 4.62 and placed it in my "lost cause bin" after the reverse split, and had not paid it much attention since then. I then kept coming back to it frequently until it hit 4 and then I kept it on my screen. I tried to set a stop limit at 6 1/2, but I got an error message. After the bid reached 7, I was prepared to sell while the elevator was still going up, but then the bid moved up to 7 1/2 and the momentum just started to slow down slightly. I held my breath and entered a sell order at 7 1/2. At first I thought that I had missed it, because the bid began to drop, but later I got a confirmation of the sale.
I try to sell when the upward movement is still fast. I lose the maximum potential of the return, but I prefer that to missing the sell and sliding back to a position that is underwater [which happens too, when I am not careful].
I guess I said all of this to say that sometimes it executes, and sometimes it doesn't.
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