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Non-Tech : Raptor's Den -- Ignore unavailable to you. Want to Upgrade?

To: rmullin6044 who wrote (3018)	8/23/2002 3:48:01 AM
From: velociraptor_	Read Replies (1) \| Respond to of 10157

"It was also the high point of the 1st wave of the C wave in hindsight. If you went short the DOW lost about 450 points off that top, so the call wasn't necessarily wrong, but looking back, it wasn't THE top we were looking for." Maybe that would have been an opportunity to get long or at least cover some shorts. Except a lot of times you don't know the pattern has changed until it does and in this case that means making a new high. At that point, it's too late to go long because the next top is near and you start looking for points to add, not cover. There is no reason to cover and take a loss when you know those positions are going to give you gains sooner rather than later. I take a whole approach to trading and I know it's not for everyone. I am not always interested in taking 25-50 cents here and there every day and that sometimes means you have to be able to endure missing a top or bottom. This is where good management comes in. I do not know how much everyone has and what positions they take so it becomes a logistical impossibility to help everyone in this aspect. I would say 95% of my research is good, but sometimes it requires a little patience to get your gain. My goal is always to make 100% per year so I have 12 months to that. Anyone that makes 100% per year is making more than just about every mutual fund out there so you can't ask for more. <<Maybe we should store in our memory bank that the next time the Dow moves up 670 points in one day on record volume, someone might perceive that as capitulation and regardless of how bad the economy might suck it's time for short sellers to step back until the ewavers figure out which wave count we're in. >> Yup...definitely a lesson for the trading plan going forward. We had a number of 1 day wonder rallies on the way down though and never had a 670 point gain like that in one day. There are always caveats. We do the best we can.