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Strategies & Market Trends : Another newbie trader -- Ignore unavailable to you. Want to Upgrade?

To: Mike McFarland who wrote (11)	2/14/2002 11:16:57 PM
From: StockOperator	Read Replies (1) \| Respond to of 21

Well it sure sounds like you're flying by the seat of your pants. You're trading both long term (bio's) and short term (eln) with what sounds like no real game plan. Something I believe you really need if you're going to do well and not lose too much more of your money. If you were willing to bet 100k you must have thought the bios were a good longterm bet yet you sold after a little pain. Don't get me wrong I think taking your money off the table early (when things don't go as anticipated), especially in this market environment is a smart thing to do. Take it from me, fwiw, a guy that has made almost every mistake in the book, until you find an approach to the market, a system or methodology that takes you in and out of positions, you will continue to feel like that deer looking into those headlights. I honestly believe the first place to start would be to realize that by placing 100k or 33% of your investing (trading) capital on one bet is way too excessive and can lead to some serious problems. Sound money management is the first rule of the game. Then of course comes the hard part trying to find your niche. I must admit that I have more than a strong bias toward the technicals. Just look at the most active threads on SI and you will find the conversations grounded in TA. That I think should be your first clue as to which area you should place your energies. I enjoyed your story and I wish you well. SO

To: Mike McFarland who wrote (11)	2/15/2002 5:59:19 AM
From: lee0	Read Replies (1) \| Respond to of 21

ok so you did not lose the money day trading. but lost the money because you where going to day trade. stock o is right you just need a plan. if you use ta then you can apply the same plan to any time frame ie 15min, daily, or weekly charts. don't feel bad i have done worse things. this week i did something quite stupid. i have been scalping a trading range in soybeans for the last few weeks. well i got out and went short when it got to the top of the trading range anticipating it to fall again. well it did not fall it broke out. my stop orders where all in line so that kept me from getting my head handed to me. ok here is the stupid part. saw the bottom forming. but i forgot to take my stop and reverse order off the table and i was out to eat when they broke out. now that is just plain silly huh. have fun lee