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Strategies & Market Trends : DAYTRADING Fundamentals -- Ignore unavailable to you. Want to Upgrade?

To: supertip who wrote (11536)1/25/2001 12:27:19 PM
From: exdaytrader76  Read Replies (1) | Respond to of 18137
 
Re: Downfall of a Day Trader

Dumb money is easy come, easy go.

Mazeska made a 175,000-share bet on E*Trade Group (EGRP), putting almost all his money into the stock. At $26 a share, Mazeska was convinced, the online brokerage's stock was greatly undervalued. He says it was intended to be a short-term play, but he felt the stock was due for an extended upward run. Mazeska was so sure of himself that he bought half of those shares on margin

This has been the exact formula for failure from what I have seen.



To: supertip who wrote (11536)1/25/2001 4:47:57 PM
From: TraderBilly  Respond to of 18137
 
<<Just before the ground began to rumble beneath the Nasdaq, Mazeska made a 175,000-share bet on E*Trade Group (EGRP), putting almost all his money into the stock.>>

I guess he didn't read Market Wizards and listen to Ed Seykota's advice, particularly (c):

a. Cut losses.
b. Ride winners.
c. Keep bets small.
d. Follow the rules without question.
e. Know when to break the rules.


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