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Strategies & Market Trends : Waiting for the big Kahuna
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To: John Dally who wrote (5174)9/10/1997 11:14:00 PM
From: bearshark   of 94695
 
Thanks again:

In 1970, I was just starting out in the market and I started from scratch with my own money. My first stock went bankrupt. Finally, it was bought out and I received a check for a very small amount. I bought the stock on advice from a relative. That taught me to do my own work.

By the 1973 and 1974 bear, I was doing fundamental and technical analysis. I also began to "momentum" trade. In the bear, I found I could not make any mistakes or I would get slaughtered for it. I did everything I could to gain knowledge and an understanding of the marketplace. I was trading long in a bear market. I think stock options began trading for little folk in 1974. I traded them almost from the start. That required the phone booths when I was away from my desk. We did not have desktop computers for another decade. Things were primitive.

By the early 80s, I had long positions in stock and also traded stock options. I always liked calls. I held my quality stock through the bear. In March 1982, there was a blip up in the market. I though it was the big bull. So I started to set up my calls for the windfall. Well, there was a fall between March and August of 1982. I believe the bull started in August 1982, and I had to watch my Octobers sink helplessly into the night. Fortunately, I had stocks too. I have been unloading stock since the bull started. Who ever expected a 15-year bull.

Even in bear markets, you can make money going long. You just cannot make mistakes and you cannot get complacent. There are more opportunities going short or using puts.
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