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Strategies & Market Trends : Market Gems:Stocks w/Strong Earnings and High Tech. Rank
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To: Jenna who wrote (14945)9/17/1998 8:44:00 AM
From: Jenna  Read Replies (2) of 120523
 
Careful Risk/Money Management. Never get into too many positions that you can't afford to lose. Some people were buying everything in sight thinking the euporia would last forever. I have very conservative 4 option positions in excellent companies for a total of 5k because I was afraid of this sort of thing. They are all for October and I might just hold 1 or more of them through this. Some of them are stocks that reported good earnings. I have COMS and BJS.. I will probably sell COMS at the open but just hold BJS, since either the oils can come back today or some other time.

From this we learn to either close large positions at the close or get small option positions that will give you some leverage, but not enough of a position to lose any real money should things go sour.

I closed 70% of my long term portfolio 2 weeks ago after getting 11% gains back during the rally. Some of these money was transferred to safe treasuries or MM accounts and about 20% was added to the trading portfolio to make up the other 16% I lost during the two weeks of downtrend. That money is now back and I have no losses in my long term funds from that portfolio.

I still made an error to hold anything at all after the close but I also got caught up a bit in the euphoria. Remember traders, take each day as it comes don't make any longer term assumptions than the 8 hours in front of you. Traders who are wholly in cash now now benefit from this fall to buy back everything more cheaply!
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