Strictly: Drilling and oil-field services Message Board

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Gold/Mining/Energy : Strictly: Drilling and oil-field services

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To: Big Dog who wrote (3728)	11/24/1997 9:09:00 PM
From: Tom L. French	Read Replies (1) of 95453

Mike Great post! Should I read Trading for a Living? I think you said recently that you bought it. I find the biggest challenge with trading successfully--in my limited and mixed experience to date--is getting out of a trade that goes against me. Once it starts to go bad, if I get out right away its ok and I've done that, but after a very short time, I get invested in being right about it and it gets tougher to cut losses (I've been reading "Methods of a Wall Street Master" by Trader Vic which is helpful on this stuff). As they all say it doesn't take many of those to undo many successful trades. The idea, as I understand it, is to have many small losses and a few big gains, not the other way around. Sell stops are an important part of the answer, I am convinced. Especially in this market, because things move so fast. The concepts are easy, its APPLYING them consistently that is so hard. Which is, of course, why we are not all rich. I especially agree about your comments to anyone who is a "long term" investor here. It is best to go do something else and don't watch/worry about this market action. Regards, TomLF

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