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Strategies & Market Trends : Pump's daily trading recs, emphasis on short selling -- Ignore unavailable to you. Want to Upgrade?

To: Michail Shadkin who wrote (779)	5/20/2001 6:55:47 PM
From: Shoot1st	Respond to of 6873

Michail, one other important factor in playing future event stocks is that most time the "news" that we are waiting for will be released after 4PM EST. When RRRR finally hit the wires, I knew I had to run for the door. By 8 am the next morning I was selling to the "greater fool" on ISLD. I would suggest that those wanting to follow your leads be sure to have the ability to trade after hours and prior to market open. A good friend of mine lost a considerable amount of money on RRRR because he could not exit the trade. He shares the blame with himself and his broker who had just recently changed trading platforms and did not advise him that non-market hours were open for trades. I have done well with your leads but must admit that I would be reluctant to play some of them if I did not enjoy the speed and before and after market availability to trade with my present set up. Shootie

To: Michail Shadkin who wrote (779)	5/20/2001 8:28:41 PM
From: eims2000	Respond to of 6873

If anyone allows 1 or 2 trades to destroy their portfolio then I would suggest not trading at all.:)

To: Michail Shadkin who wrote (779)	5/21/2001 8:39:37 AM
From: Don Pueblo	Read Replies (2) \| Respond to of 6873

Might I humbly offer this to new people: Message 6329480 ...and these are the rules I myself follow: Nine Rules for Professional Traders © 2000 TLC may not be reproduced without written permission 1. Cut your losses and let your winners run. Corollary: Be willing to make more than you are willing to lose. Corollary: You can let your winner run and take a profit at the same time if you get out of part of the winning trade the first time the stock retraces. Corollary: It's OK to add to a winning position. Corollary: Know your reward/risk ratio before you make the trade. Corollary: Maintain a tight stop on every average up or average down and exit that position the moment the market tells you you're wrong. Corollary: Take a small loss before you have to take a big loss. 2. Let your strategy fit the stock; don't try to force a trade into your strategy. Corollary: Let the trade come to you, don't force yourself into a trade that you don't like. 3. Only play with what you can lose. 4. Get the right entry point and the exit point will take care of itself. Corollary: missing a trade costs you no money. 5. Exit a long position when you would go short. Exit a short position when you would go long. Corollary: If you are short and wish you were long, or long and wish you were short, exit the trade. 6. Learn something every day. Corollary: The lucky smart people will eventually take the money from the lucky dumb people. Corollary: Don’t assume you are smarter than the person on the other side of your trade. Corollary: If you don’t know who the fool is, the fool might be you. 7. Look at what is happening, not what you thought should have happened or what you think might happen. Corollary: The market doesn’t care if your account is up or down. Corollary: If you can't read the chart, stop trading the stock until you can. Corollary: “Know” is good. “Don't know” is OK. “Think” is dangerous. “Believe”, “Hope”, and “Fear” cost money. 8. Don’t trade on emotions. Corollary: Leave psychology for the rookie that is taking you out of your winning position. Corollary: If you must be emotional, then fear a loss and hope for a profit; don't hope for a smaller loss and fear a smaller profit. 9. Make your own rules and stick to them. Corollary: You can break your rules and get away with it until the time you don’t get away with it. Corollary: The more rules you break, the riskier the trade. Corollary: The money goes to the guy with the best plan. Corollary: If you consistently break the rule and win, change the rule.