Booms, Busts, and Recoveries Message Board

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Strategies & Market Trends : Booms, Busts, and Recoveries

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To: TobagoJack who wrote (65327)	6/22/2005 12:06:36 AM
From: shades	Read Replies (1) of 74559

aaii.com The sections on fear of regret and disciplined trading strategies were interesting to me - I am a firm believer in setting price points and using stops - I know myself Jay, I shorted SIRI a little over 5, I set a stop at 5.50 - if I had not I would still be in SIRI and it is what 6 now? so Jay at what price point will you take your loss on GOOG and at what price point will you short more? Have you thought about this? Or is that too RIGID for a warrior who fights spontaneously? I use to play like that, I lost money - logic dictates you must remove all emotion from the decision making process. When you initially shorted GOOG at what price point did you expect to cover and at what price point did you decide would be time to take the loss? It seems you enter an emotional "fear of regret" trap when you don't have absolute price points set ahead of time. This gets at the heart of a lot of academic research of traders Jay - the psychological motivators of stock trading - you are smart, educated, well connected - yet you made a bad trade - and it's seems to me to be getting worse - what was the error in our thinking in shorting GOOG and what would have been the best way to protect ourselves - the guys at KL financial also made a bad trade shorting GOOG - many supposedly GOOD traders really messed up on this one stock - who here on BOOM BUSTS made money going long GOOG? Phil the GURU missed it too it seems - the article you pointed out shows even the expert analysts were very wrong - what absolutes can we bring to our decisions in the future to not repeat this mistake? I had my stop in Jay, that saved my from losing more than I did - I guess Mr. Phil is right when he says before he teaches you how to make money, you have to learn not to lose money. The chart clearly shows in APRIL with increasing volume and breaking through the 50MA that GOOG should have been scooped up by all the people here who watch charts. Inflation is eating my lunch, anything short of +20% NAV a year is not going to do much for me - hehe.

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