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Gold/Mining/Energy : Pinetree Capital-PNP-CDNX
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To: The Devil Dog who wrote (198)4/11/2000 10:40:00 PM
From: New Economy  Read Replies (1) of 233
 
PNP was a classic lesson for me. I sold half my position when I doubled my money...which was around $6.00 range.
Lesson #1: Don't be a PIG and get greedy.

Then I sold another 25% when it hit $14.65, I though this was a key Resistence...turned out to be a key support level.
Lesson #2:
Take some profits off the table

Watched it shoot up to $20.00 range and waitied, waited and watched it drop for the last little while.
I changed my original stop which Dr. Elder says never to do from $17.50 to $14.50.
Lesson #3:
NEVER CHANGE your original stop.

Stopped out and bought back in @ $14.00, $12.50 and $7.50.
Lesson #4:
Never double up or try to catch the bottom of a falling knife. Wait for the stock to bounce back up and stay above a certain moving avg.
Oh Well. It has been an interesting experience in the markets for me to witness at a young stage in my trading career. Just when I decide to take a couple of stops off.

P.S. I am quiting my day job at the end of the month.
I am NOT gonna day-trade full-time but will position trade and work on a new research project and study for my CFA exam this June.
Thank-you for input on the merits of trading for a career but we shall see this fall things should turn around again.
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