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Strategies & Market Trends : Trader J's Inner Circle
NVDA 180.94-1.5%Dec 11 3:59 PM EST
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To: Trader J who wrote (10661)3/6/1999 4:43:00 AM
From: Jon K.  Read Replies (8) of 56535
 
TJ, thank you so much for your thoughtful answer.

I have printed them and read a few times. I've read your similar postings before but they just passed me by... but now when a loss actually hit me, suddenly those words come alive and DO make a good sense. (A wise will learn before he gets spanking, An average person will understand only after a nice big spanking, and a fool would not understand even after the hit, thus repeats his mistake over and over again. - hope I can at least fall into an average category)

You asked me about goals. But when I stopped and think about it, I did not have any goals other than make as much money as possible. I have no idea how I should set goals. (I guess I would be very happy if I can average $300/day)

My trading capital is about 50k each for trading and IRA accounts. As you know IRA is for cash account only. I do not trade this account too often. (a month to a year term).

With trading account I use margin so I can use up to 100k. I try not to exceed 20k on any one stock. (So only 100 shares of expensive stocks and upto 6000 shares of cheap stocks)

On stops: I think I'll have to use actual stops. I did set my mental stop of CNET at 165 (short at 159) but I couldn't pull the trigger. My emotion beat my reasoning in real hot market. How do you discipline yourself?

Oh, it's getting late... good nite,

Jon
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