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Strategies & Market Trends : Trader J's Inner Circle
NVDA 184.32-0.7%3:29 PM EST
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To: Trader J who wrote (3893)1/11/1999 9:10:00 PM
From: Poet  Read Replies (2) of 56535
 
I did well today, Jeff, but not as well as some thread members.

I've got to tell you all what I did last Friday: I was up about $2500. A lot of money. I was hunting for a "lunchtime dip" play and settled on GCTY. It had run from 44 to 77 and was hovering at 70 when I found it. I bought a thousand shares at 69. It TANKED the rest of the afternoon. I was like a deer caught in the headlights. It closed at 54 and change. I spent the weekend trying to figure out a way to tell my husband that I'd lost $14,000. Lucky for me, I have a mentor, a wonderful person who's a kick-ass daytrader who has been willing to coach me. He reminded me that many people make stupid mistakes and helped me formulate ways to deal with the loss.

When the market opened today, GCTY gapped up. I sold the first 500 shares at a $2800 loss, feeling VERY lucky. I sweated out a number of hours and ended up selling the last 500 for 1/2 point above my buy price. All in all, I spent today trying to correct a horrendous trading mistake. I was lucky this time. Hopefully, I'll learn from this and it will allow me to become a better trader.

And the moral of the story? Don't lose your profits because you're feeling overconfident, and rely on your friends to help you get yourself through your (inevitable) mistakes. Lucky for all of us, there is plenty of support here.
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