|
PureBytes Links
Trading Reference Links
|
"every stock that I have held has moved higher in price. I kid you not. But
I lost money on 90%
of them. I would get scared jump out and give them my money."
"I knew it could move against me. In fact all my indicators said go long at
this point. I'll wait I thought. "
"I am trying to keep a position in at all times be it right or wrong. Then
trading in & out as my indicators tell me."
"I guess because I am still scared is why I am leaning toward this
strategy."
Harley, Thanks for the naked truth. I am not criticizing but suggesting you
review your "strategy". If it works, miracles still happen. Can't believe
you will find a successful trader agreeing with your plan. You are lucky,
you didn't get hurt.
Don't average down. Don't go against your indicators. Don't "MAKE" a trade
work. Don't run scared.
Do set up an entry based on indicators. Do have a planned exit if trade goes
against you. Stay with trade until indicators say get out. You should be
using a system or plan that provides you with entry and exit based on your
mindset (what you will risk, what you want from trade). Do pay low
commissions.
Richard Estes
-----Original Message-----
From: Harley Meyer <Harley.D.Meyer-2@xxxxxxxxxx>
To: leokarl@xxxxxxxxxxx <leokarl@xxxxxxxxxxx>
Cc: metastock-list@xxxxxxxxxxxxx <metastock-list@xxxxxxxxxxxxx>;
randy@xxxxxxxxxxxxxxxx <randy@xxxxxxxxxxxxxxxx>
Date: Wednesday, October 22, 1997 9:41 PM
Subject: Re: Trading....
>Leo,
>
>You can tell who's behind in their email. But I enjoyed this thread a great
>deal.
>
>I myself have picked some winners. If I am not mistaken almost every stock
that
>I have held has moved higher in price. I kid you not. But I lost money on
90%
>of them. I would get scared jump out and give them my money.
>
>I am now trying a new strategy. And I am thinking that there is a stategy
that
>one needs to employee when a stock moves against you. This works well when
>going short but here is a recent example.
>
>I went short on ONSL at 28 3/4. I knew it could move against me. In fact
all my
>indicators said go long at this point. I'll wait I thought. The price
marched
>to 35 in a coupe of days. I was scared. Thought it would go to $40. On the
way
>down I took another postion at 33. So my average cost was 31. I was
prepared to
>average at 40 if i had too. No sleep & analysis paralysis was the norm.
>
>The price dropped to 28 a few days later intraday. I could of covered for a
>nice gain. But I waited. I said I was going to ride this out for a month.
Wait
>for it to drop to 20.
>
>Well it moved against me again & I didn't want to go through the no-sleep
again
>so I covered at 30 1/4 for a small gain. If I would of waited another hour
I
>could of covered at 28 3/8. Feel like a loser. No because I won. I said
come
>hell or high water I was going to make this trade work. I had to go the
wife
>and we had to add some money to the account. You know how that can come
off.
>
>I also had fun. So I took another position at 28 3/4 again. Two days later
>(Tuesday) covered for about a $50 gain.
>
>Tuesday at the end of the day I took another short position the day before
>earnings. Shoot the thing was in line w/ estimates & went up as high as 2
>bucks. Then low and behold about 45 minutes before the market was closed it
was
>down 1/4 of a point. It closed up 3/8. I have to laugh. Tommorrow
(Thursday) it
>might roar up to 50 for all I know, but for now I choose to play the game
to
>keep from losing money.
>
>>
>We all know that most stocks oscillate. So the risk of working a security
so
>that one can try to avoid a loss is reasonable. Nothing else if I fail the
>trade is net net close to break even. With commisions of $10s it's worth a
try.
>
>I guess because I am still scared is why I am leaning toward this strategy.
>I ordered the forms today.
>
>
>Harley Meyer
>meyer093@xxxxxxxxxx
>
>
|