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Strategies & Market Trends : MDA - Market Direction Analysis

SPY 662.72

+0.4%

Nov 19 4:00 PM EST

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To: pater tenebrarum who wrote (25500)	9/10/1999 4:25:00 PM
From: Lee Lichterman III	Read Replies (5) of 99985

Why didn't you tell me! LOL Well I was up 400% the last 3 weeks but today I just lost it all and then some on a stupid rule break. Never trade the first hour, I know that, you know that, we all know that. Bought OEZIE with the full wad afraid to miss the rally and though I didn't buy at the high, it was close enough. Put in 7 sell orders during the day to minimize damage but the pit wouldn't hear of it. <ng> Finally managed to sell half at a decent sized loss then bought back in averaging down expecting the J6P closing rally... We didn't get it as you know. Took an additional hit on those plus the original and sold at the close for a HUGE loss. Going back over the day in my mind, a few lessons learned. 1. Don't trade the first 1/2 hour to hour NO EXCEPTIONS!!! 2. Take the immediate loss when it turns against you (I did try but when I couldn't get filled, I held instead of going to lower ask) 3. When formations are broken, get out fast. (ascending traingle this morning broke down near the end of the day. 4. Never average down a loser. take the loss and then move on 5. Never trade while on pain killers <ggg> 6. Take the loss on the close and go flat over the weekend to think about it. Especially with options as these would have lost half their premium value just by waiting till Monday. Good Luck, (here is to hoping for a BIG winner Monday as I start over, EDIT - Not looking for pity but trying to educate the lurkers. We all think we are superman sometimes and the wins the last couple weeks were getting too easy, This was the dose of reality) Lee

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