Market Gems:Stocks w/Strong Earnings and High Tech. Rank Message Board

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Strategies & Market Trends : Market Gems:Stocks w/Strong Earnings and High Tech. Rank

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To: ayahuasca who wrote (35102)	4/20/1999 5:04:00 PM
From: Jenna	Read Replies (1) of 120523

ayahuasca, What hurts about your story is you might not have done this if you read my similar story posted a few times in the last 2 years and the last time perhaps the same time you went into your option frenzy. I lost a lot, but believe me you will have learned your lesson and you will never be the same person again. I trade much more confidently and smartly since the time I lost 26 positions in two days on that fateful day in October 1997. Just seeing the number 26 makes me see how utterly nuts it was to think I could even track that many positions that were slated to report in the next 2 days to 10 days. What really hurt is that I was a good trader even then but I should have balanced my portfolio to 10-12% internet and 88-90% equities. A good friend and mentor at the time lost 110k and he had to quit entirely. In my mind I had planned to turn 55k (half my trading porfolio at the time which means 50% invested in options which is insane) into 550k and no matter how looney that sounds now I was in a way 'counting my chickens' already.. needless to say the 55k turned into 20k and I lost half my trading portfolio in 2 days. If I hadn't had a decent long term portfolio at the time I would have been wiped out or at least have had to go back to work and forget about being a full time trader... I did not work myself back up on my own, but just pulled more money out of my long term portfolio and started over, this time doing it well. You should never allow yourself more than 5 option positions a month, or at least not more than 5 positions at any one time. I limit myself to 5 a month, but 'treat' myself to daytrading option on the OEX or 'nets cause I'll never take the position home. I know my options now, and I never play new ones unless they are very volatile, large caps that can easily be traded in fast markets.

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