Booms, Busts, and Recoveries Message Board

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Strategies & Market Trends : Booms, Busts, and Recoveries

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To: tradermike_1999 who wrote (797)	11/20/2000 7:56:08 PM
From: Joshua Corbin	Read Replies (2) of 74559

I know people who bought and have held on to garbage like ETYS from 70 to 1.50 because brokers, analysts, and wild dreams turned them into Internuts. Speculators. Well one shouldn't make investment decisions based upon urges. So it's wrong to trade based upon your own urges, but perfectly fine to do so based upon the whims of the herd. Everytime you buy a stock you should already have a plan set in advance on when you sell it. The trouble is that no one knows the future and Mr. Market likes finding scenarios you didn't plan for. The boys at Long Term Capital Management were the smartest traders in history. They had big computers and probability tables. And they got clobbered. I've asked you when would you cut a loss and admit a mistake and your only answer is that you can't sell because it might go higher. Not might, do. In the aggregate, stocks trend up. Even you admit the bull will be back, if in ten years. And the people who fed perfectly good stocks to the bear get to live with the regrets. I've never shorted a stock and seen it go up to infitity. Lucky you. Various people shorted their way through the late 1990s and have the scars to prove it.

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