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Strategies & Market Trends : SOES Trading

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To: Cader who wrote (941)	10/15/1997 1:33:00 PM
From: Gary M. Reed	of 1618

"The one big rule DON'T HOLD OVERNIGHT! " We had a guy who shorted OXHP at $70 (this was about a year ago) about a half an hour before the close. The trade didn't go his way, so instead of closing it out and taking the hickey, he held it overnight. The next morning, OXHP gapped up another 2 points and kept running. Again, he held it overnight, thinking there was no way this thing could keep running. The next day, it gapped up AGAIN! He finally closed out the position at 81 1/2--an $11,000 hickey. It was so brutal that it was funny. Everyone in the office put OXHP on their screens just for the entertainment. Worst thing was, the guy didn't tell his investor until he had closed out the trade. Needless to say, his investor pulled the account and the guy never traded again.

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