Go to Jeff Salisbury LWGate Home Page.From: michael_niemotka@baxter.com
Subject: RE: [CANSLIM] STOPs
Date: Wed, 21 May 2003 14:16:07 -0500
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Only problem is that you need to have an account with assets over
$50,000.....Only wish I were at that point, but gotta start somewhere!
Mike Niemotka , PE
Sr. Principal Engineer
Baxter Healthcare Corporation
Route 120 & Wilson Road
Round Lake, IL 60073
Tel (847) 270-4075
Fax (847) 270-4525
michael_niemotka@baxter.com
"Katherine Malm"
<kmalm@earthlink.net> To: canslim@lists.xmission.com
Sent by: cc:
owner-canslim@lists.xm Subject: RE: [CANSLIM] STOPs
ission.com
05/21/2003 02:06 PM
Please respond to
canslim
Hi Tim,
You're in luck...the newest version of Schwab's StreetSmartPro offers
trailing stops! Click on the Help menu and search on "trailing stops" to
find out how to set them up. Here's a screenshot for setting them:
http://www.cwhcharts.com/katherine/TrailingStops.JPG
Katherine
-----Original Message-----
From: owner-canslim@lists.xmission.com
[mailto:owner-canslim@lists.xmission.com]On Behalf Of Tim Katona
Sent: Wednesday, May 21, 2003 12:26 PM
To: canslim@lists.xmission.com
Subject: RE: [CANSLIM] STOPs
David,
You mentioned: "Not too many platforms offer this feature and I dont
know of any that hold it overnight."
Do you know any platforms that do offer a trailing stop? I'm looking
for exactly this and have not found any yet, but I have not checked
out many platforms. I use Schwab Streetsmart Pro now, thinking of
going to Cybertrader or Brown and Co. or if I find one with a trailing
stop (ideally overnight) I would move to it.
Thanks in advance,
Tim
-----Original Message-----
From: owner-canslim@lists.xmission.com
[mailto:owner-canslim@lists.xmission.com]On Behalf Of David
Taggart
Sent: Wednesday, May 21, 2003 11:13 AM
To: canslim@lists.xmission.com
Subject: RE: [CANSLIM] STOPs
A trailing stop is like a ratchet. Foe instance if you set a
$1.00 trailing stop every time the stock goes up $.01 the stop
will move up $.01 as well. Not too many platforms offer this
feature and I dont know of any that hold it overnight.
Hope this helps,
David Taggart
-----Original Message-----
From: owner-canslim@lists.xmission.com
[mailto:owner-canslim@lists.xmission.com]On Behalf Of Chuck
Dreier
Sent: Wednesday, May 21, 2003 12:05 PM
To: canslim@lists.xmission.com
Subject: Re: [CANSLIM] STOPs
Please explain "trailing stop". How is that different than
the stop loss that I'm familiar with? Thanks....
Chuck
----- Original Message -----
From: jeffwdc
To: canslim@lists.xmission.com
Sent: Wednesday, May 21, 2003 1:24 PM
Subject: Re: [CANSLIM] STOPs
Rolf,
I asked a similar question a couple of months ago.
Tom Worely posted a reply, but I regret I can't find
his actual message -however I did print a hard copy.
On 3/20/03 Tom wrote:
...the normal procedure I use is to leave the stop
loss unchanged (from the 8% stop placed after
purchase) until I am up at least 15%. At that point,
I raise my limit to my original entry point (or
aveerage price if multiple purchases). After that, I
try to us a trailing stop 15% below the prior day
(sometimes the closing price, sometimes the intraday
high, depends on the chart, stock, fundies, how badly
I want to take profits, etc.) Of course, once raised,
the stop loss should NEVER be lowered.
Also found this message from Tom written on 4/21/03:
"I think any stop loss price should be selected after
studying the chart, and considering your entry point.
When I use hard stops, I like to put them just under
where I see support, figuring if it goes thru short
term support then it could go down a lot further.
When I really don't want to be stopped out, and
especially when I already have a nice profit, I tend
to use looser stops."
Jeff Gasta
Note: I am now using a new e-mail address.
--- Rolf Hertenstein <rolfh@mindspring.com> wrote:
> Just curious how folks manage their mental or hard*
> STOPs on a broken-out stock that is behaving well
> (gaining steadily over a few months with a few
> 10-15% corrections). I'm especially curious about
> techniques people might use in this market.
>
> A 'standard' technique uses a trailing STOP at xx%
> below the currwnt price. Another technique I have
> read about sets STOPs in relation to the 50 or 200
> DMA, with the hope that allowing the stock
> relatively wide swings ultimately leads to big
> gains, as long as the DMA is still rising.
>
> Any thoughts greatly appreciated.
>
> Rolf
>
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