Made money again,, on CMGI , longing and shorting ,,
Also ONSL and AOL ,,,
While dogs yapped , R O F L M A O ,,
Joe,
My name is Greg Lentz and I've been a member of Societe for a couple of
months. Actually I signed up with your original site before the problems
with Zahran. I waited till recently to sign up again because I wanted to be
sure your new site was stable. I know how quickly you can change your mind!
Anyway, I'd like to give you congrats on all your recent success. Not for
the money you've made, but instead for the drive to help others to prosper.
You're doing something here that I was unable to do. I've been trading for
about 5 years now, and was cleaned out with the original explosion of the
internet about 3 years ago. Let's just say I was naive enough to believe
what I read. Since then I have been rebuilding my worth, and self-esteem. I
went to work for a moving company and saved $10000 to try again. During the
year and a half that I worked I read everything that I could get my hands
on. I spent about 3 hours a night on the internet reviewing the days
trading and studying charts. I also paper-traded using TA and other
techniques and charted success rates.
Along the way I came across 3 things that were successful. First,
daytrading quickly on news events and momentum plays. Second, option
straddles on the OEX or liquid stocks, utilizing staggered buy ins and
sells only within two weeks of the current month's expiration. Third,
follow this TokyoMex guy and buy anything he buys!
I quit the moving company in May, thank God! my low back couldn't take
anymore, and spent the month of June practicing and refining my trading
plan. In July, I took $8000 and began trading for real. At the end of the
first month I finished with $15000 and thought I was on top of the world,
and all of my hard work had paid off, but I had one more lesson to learn:
discipline.
I gave it all back during the first two weeks of August, because I strayed
from my trading plans and got greedy. Soon after the greed turned to
desperation, and I was trading on emotion, which is trading suicide.
Depression set in and I was sure that I had screwed it all up again. After
a week or so, I decided to try again, and no matter what I would stick to
my techniques and be disciplined.
I began September with $7500 now, and treaded water through the first two
weeks, which once again tested my patience and fortitude. Finally, during
the last two weeks things began to turn around. My option straddles during
the last week of expiration in Sept. began to pay off on a daily basis. I
refined my technique into an entering of the straddle during the afternoon,
cost averaging into both sides, and then holding overnight and using the
10:00 AM inflection point to unload the winning side and unload the losing
side on a bounce. I began scalping 20 - 30% returns on each straddle. I
finished September with about $12000 or so.
Then came October, I employed the straddle strategy daily, and was making
$1000 a day. Then, the day before expiration I hit the big one. I had just
finished averaging into my straddle that afternoon around 3:15. Ironically,
the last purchase was for 1/2 of the call side on the OEX. Then, at 3:30
the Fed lowered rates and the futures took off. I sold the put side
immediately for only a 30%, which I thought was amazing, the call side went
from 3 1/2 to 23 in 20 minutes, netting me about $11000! All my hard work
finally paid off! I finished October with $30000!
Once the Fed lowered rates I decided to trade the momentum and put the
option straddles on the back burner. This is when I decided to join
Societe. I had followed you for a long time, and actually traded alot of
your recommendations, by following SI threads in the past. So, I decided to
join up and see how well I could do with it. Since I joined, my $30000 has
now turned into $150000! About 50% of profits coming directly from your
recommendations, the rest from my own picks.
As Christmas comes this year I have so much to be thankful for, and I just
wanted to make a special effort to tell you thanks. Not so much for myself,
but for all the members of Societe, whose lives have been enriched through
your service. I know it is not easy to do what you do with so many
followers. People are always thankful when a trade goes well and pissed off
when they don't. Eventually they'll learn, and make all the same mistakes
that I have through the years. They're eventual success, will be determined
by how well they respond to those mistakes. I'm sure even you were brought
back down to earth by the market and was forced to respond, and we all will
again someday as this kind of profits will not occur forever. Those that
realize this and adapt to the next trading climate will ultimately succeed.
Anyway, again I say thanks, and I hope that in the future I can bring more
input to the group. Using Mirc is a great idea, and will allow me to
participate and share my trades and techniques with other members, whereas
I didn't have the time to do so before. I have built alot of contacts
through the years and have alot of friends in high-tech positions. You can
plan on hearing alot more from me in the future. Have a Merry Christmas!
Thanks,
Greg Lentz
P.S. If you want to use this as a testimonial, or detailed example to
newbies, feel free. |
