Multiple Trades
                       You don’t have to be a math major to figure out  thatif your percentage of profitable trades is positive  you  want  to  maximizethe amount of trades. A good example of this would be all the recent  splitswe have seen in many of the top institutional trading stocks  such  as  GPS,EMC and DELL. Instead of average daily ranges of 3 – 4 points they  are  now1 3/4 – 2 1/4 points.                       This decrease in range size makes it tougher  to  getthe 1 – 1 1/2 point profit from each  trade,  but  you  can  take  a  largeramount of 1/2 – 3/4 point profits and do it more often because  these  kindsof stocks have what I call an excellent "Travel Range."                       A recent example of travel range is IBM on  July  21,1999 (shown on next page). The stock opened at 127 1/2, down  3/4  from  theprevious day’s close. We don’t include this gap down in our calculation.  Onthe day, IBM ranged from a high of 129 3/4 to a low of 126 7/8, only  2  7/8points.