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Strategies & Market Trends : Market Gems:Stocks w/Strong Earnings and High Tech. Rank
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To: davep who wrote (21663)1/11/1999 2:32:00 AM
From: Prince  Read Replies (1) of 120523
 
Dave,

I too have ridden the roller coasters with my trading account. I have actually changed my strategy over the past few months and it has paid off tremendously. My account is up 140% since I started trading without a broker in June 1998. Part of the increase is also due to the fact I no longer have a broker giving me losing picks, brokers are worthless.

What I started to do is to sell quickly when I have a profit and stay in mostly cash when the market closes. I have missed a few gaps in the morning, but have also changed my strategy there too.

Instead of chasing a gap, I will short it, mostly those stocks which are up 100% in a day just because they said they are going to open a web site or something.

I've also cut down on the number of stocks I hold to at most three. I then watch these like a hawk and may even trade the same stock 2 or 3 times in a day. For example, if I take a quick profit and the stock still looks really strong, I'll get back in and ride it some more. Usually a transaction will be for 1,000 shares at a time.

Plus every time I make $5,000 I take it out as spending money and then use that as motivation to get back my 5 grand. So it becomes a challenge to get back the money not because I lost it, but because I took it out.

This has worked so well that I just took home a black BMW M Roadster, very very sweet and paid in full.

Anyway, this has worked out well for now and I think mostly because it has cut way down on the number stocks I hold that keep losing money. I keep telling myself "It's better to be out wishing you were in, than in wishing you were out."

I'd like to be confident enough to hold longer and may do so as I become more experienced.

- Rob
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