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Pastimes : Working a day job and making a profit with low capital

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To: MSB who wrote (19)	4/9/1999 5:00:00 PM
From: Fred Davis	Read Replies (2) of 32

Let me see if I understand what you're saying in reference to these selected stocks that you may or may not own a position in. Are you saying that you have studied the trading patterns of certain positions to determine what a good entry point is? Do you bottom fish or just know a position's habits well enough to know when is the proper entry point? I have known of positions that develop a certain trading pattern but never thought of using these patterns to my advantage. Probably another reason I'm not making money in the market.:( How many positions are you comfortable with at any given time? I do like the concept of not having to constantly do dd on a position. This would take a lot of work out of investing if you've found a proven system that works for you. This is what I'm trying to accomplish and congratulate you on finding this proven system. As for trying to hit the home run I have a horror story that happened to me shortly after I started trading BBs. I owned 800 shares of PNLK at an average price at around 2. At the time I was for strictly a long term investor and had no idea about how day trading worked. I also allowed greed to take over my common sense. As the price began to rise I became very exited and was on the message board every day with all the cheerleaders urging it to go higher. It surpassed 5 and the thought still hadn't entered my mind it might be time to sell. It went over 6 and still had this crazy idea it was going to double digits.(Was I stupid?) I finally decided to place a limit order at around 8. It got within a 1/4 point of my limit and began to fall back. This is where I really got stupid. I watched it go all the way back down and kept averaging down. At one time I owned several thousand shares until I fell victim to a scam. Sold out of all my position in PNLK and jumped on board the scam train. Last I looked today PNLK is now around 4 and I lost thousands on the scam. Such is the life of investing but I have learned some valuable lessons from my experience but still will continue to always be haunted by this experience.

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