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Strategies & Market Trends : 1999 Year in Review--Talk about your trades -- Ignore unavailable to you. Want to Upgrade?

To: HeyRainier who wrote (1)	12/24/1999 10:55:00 AM
From: F Robert Simms	Read Replies (2) \| Respond to of 7

I had a good trading account. Using neural nets and luck, I took 3k and ran it up to 9k in about 3 months. On the net I met a trader who was very rich trading options. He just had a great string of winners. He saw a trend that produced 15 straight winners in backtesting. I asked him if the results were due to backtesting and he was evasive. He said it was due to a great deal of experience in trading. I should have ran then, but he was much more experienced and rich than I was. I piggybacked on some of his trades. He said that $3 options were best to buy to sell at 8$. I tried them with money for scalping and found that 3$ was only good if you hit a big run and then only on if you had a perfect entry. I piggy backed on trades that he would buy and he said he would not sell until he got to $8. I would find out that he covered offline when the market started looking bad and he got out flat and I lost it all. I lost all of my account and then some. It has been a year and I still am afraid to risk much money. What did I learn from this? Don?t put anybody else?s head above my own. I need to see all of the aspects of a trade myself before I get into a trade. I also learned that I am very greedy. My own methods were working very well, but I got impatient and greedy. Best Wishes, Bob