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The market has definitely punished Harley severely and that's what
happens when you stay wrong. I've read Harley's posts when he has been
right and made money and it would have taken a special effort to post to
us outlining his recent losing positions.
Let's not lose the plot though...all is not lost and this is a good
moment to learn from others' mistakes and become better traders...all of
us.
Harley, why don't you have a good hard look at your positions and
perhaps work on a recovery plan to get you back in the black and keep us
posted - there may be others on the list who can offer some good advice.
regards
Ian Burgoyne
Melbourne
Rick Mortellra wrote:
>
> Harley, this slapping ya in the face but I'm not sure why you post
> anything at all. Therapy perhaps? If so, then it's time for some tough
> love my friend.
>
> Obviously, since you've "been here before" you haven't or don't want
> to learn from your mistakes. Certainly if we went down the list of the
> most common trading guideline "cliches" found in the appendix of every
> trading book published you'd be in violation of them all. Frankly,
> the only thing anyone can take away from these posts is that you are
> a LOSER!
>
> You offer no plan or strategy to deal with this setback other than to
> hope "we get a correction." You can't tell us why the trades went bad
> or even admit that you were wrong. In fact, you want to short more!
> This during one of the biggest up months in market history. Talk about
> hubris! You claim to know NWACs business because you live in
> Minneapolis? What arrogance!
>
> You've said you got a degree in math but its obvious math plays no
> part in your trading. Unless you control your downside risk you'll
> never win over the long haul. So with NWAC the best you could do IF
> the stock went zero was $960. (Yeah right, like one of the giants of
> its industry becomes worthless.) Yet you've endured a $360 or 38%
> plunge down a bottomless pit. Or AMAT, the undisputed leader of its
> industry and where you've taken an astounding $2300 or 35% whipping.
> What's even more amazing is that I'm willing to wager that this 1
> position has become almost 50% of your trading account, or what's left
> of it. Are you dumb or just desperate?
>
> Finally, you end by telling us that the market action has changed for
> the better and "screwed up your thinking." The only thing that is
> screwed up is that you've continued to stay WRONG for a month while
> pissin off probably 20% of your equity! I suggest for the well-being
> of your family that snap out of this stupor and GET OUT OF THE MARKET!
> Your personality is not suited for active trading and it will end up
> costing you a lot more than a shrink while you "discover" yourself.
> Stick with it, and I'll guaranty you'll be cleaning full-time for a
> living.
>
>
> -----Original Message-----
> From: Harley Meyer <meyer@xxxxxxxxxxx>
> To: Metastock list <metastock-list@xxxxxxxxxxxxx>
> Date: Friday, November 06, 1998 10:22 AM
> Subject: NWAC, KEA and AMAT
>
>
> Well it has been awhile since I have addressed my trades.
> Seems like I have dug myself a hole. Since I have been
> sitting on these trades with some pretty good draw down. I
> have to sit and wait because I have zero buying power. I
> have been here before and I still don't like it. It isn't
> very productive. (Well I have done some much needed cleaning
> around here.) But that doesn't count.
>
> I covered 100 shares of NWAC for a small gain. I still am
> short 50 shares at 19 3/16. Currently the stock trades
> around 26. My fundamental outlook on this stock has not
> changed. I live in Minneapolis and they are giving more and
> more money in these contract negotiations. Plus to attract
> passengers they are giving up to much money. If I had money
> I would have taken another position short at the $27 level.
>
> KEA - I am still short 100 shares at 30 1/2. I could of
> covered around 30 about a week ago, but decided to take a
> chance that it was going to move lower. It is now around 37.
> Could break to $40. It does move with the markets and I will
> say that if we can get a correction I should be able to get
> out with out to much of a loss.
>
> AMAT - Has also moved higher and is now around 35. I am
> short 250 shares at 3 different locations. 50 @ 19 1/2, 100
> @ 25 5/8 and 100 @ 29 3/8. As of the last few days the stock
> has been trying to come down. But the market just keeps
> moving higher. Then so does AMAT. My out look on AMAT has
> changed since they have finished their restructuring. It
> will help their bottom line but it is unclear what demand
> for their equipment will be in 1999. My guess is not that
> much demand.
>
>
> Overall out look: My out look for the over all market is
> much more positive than what it was 1 month ago. Even if the
> economy slows down, the fed will use easing as a means to
> combat a slowing economy. Hence large cap stocks prices will
> still stay buoyed up. I will say that Greenspan's surprise
> rate cut has screwed my thinking up. The landscape changed
> to much and became unfamiliar.
>
>
> Harley
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