daytraders after market lounge 29th feb 1012, page-31

Hi All,
PEK looking good. New highs and closed near the high of the day.

Hey Bazinga, the real test is whether you can close out the bad trades with impunity. Usually (for me) if I take a position and it starts losing money immediately, it usually turns out to be a losing trade and the best trades have started making money straight away. I have no patience for losing stocks so I generally dont hold losing positions even overnight. Id rather close the trade, take the loss and look at the stock for another position at a lower price. Sometimes Im whipsawed out but they are few and far between lately. It is easier when the market is bullish.
Bluephynes - a gap is where a stock price has moved either up or down in such a way that when looking at the chart, there is a gap/space between the price from one day to the next. An EG: look at NSE chart (1 year OHLC) and you can see mid july last year the price gapped up from 20c to 23c.
Hope that helps. Usually the gaps will be closed at some time in the future.