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Strategies & Market Trends : SOES Trading
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To: Gary M. Reed who wrote (943)11/8/1997 9:18:00 AM
From: Joseph Francis Torti  Read Replies (1) of 1618
 
How about when something like this that happen to me. Wait let me get a coffee and go upstair and get my confirmation slip. OK I'm back.
I was at Block's trading when this happen, now after losing 3 plus G's
in that ulcer inducing level two quote. I decided to buy old reliable General Electric to get my loses back. With the recent downturn in the stock and the market overall. I bought GE at 65.00 on 10/28 in the morning and that afternoon I sold it at 66.00 late that same day. After I sold it. It closed that day at 66 «. The following day GE gapped up to 67 5/8 at the open. I patiently waiting for it to go down a little and it did I bought it back at 66 ¬ at lunch time. After I bought I decided I will not watch it anymore that day and spend the day walking around Boston. Now it's almost four o'clock and I am standing in front of Fidelity investment they had this big ticker you could see outside and I notice the dow suddenly plunge and GE was trading at 63 3/8. It closed at that price. Now if I was at block I probably would have dumped it and lost more money and commission cost. But I said to myself f---k it I am going to make money on this stock and I will not sell it. Now it 11//03 and GE is now above what I paid for it I sold it that day at 67 1/4 . I felt like a smart ass I sold it at the high for that day around 11.00am. GE started down after that and at the end of the day it went and closed up to what I sold it at 66 ¬. I said no problem I will buy it back tomorrow morning when the market opened. Fat chance this sucker gapped opened I am not really sure exactly but it did go over $68.00 and continue up till it hit $70.00 I believe two days ago. Now if I had held my original GE holding at $65.00 I would have recouped two months worth of block trading loses in one week. I rest my case. Day trading is for suckers unless you have at least $100,000 to trade. Joe
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