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Pastimes : Brokerage-Chat Site Securities Fraud: A Lawsuit -- Ignore unavailable to you. Want to Upgrade?

To: CountofMoneyCristo who wrote (1290)	6/28/2003 5:46:16 PM
From: CountofMoneyCristo	Respond to of 3143

Well I say I'll stop posting for the time being and we plummet from the Hot List, lol. There are many posters here whom I know have some great stories. I know I am not alone in saying that it would be great to hear them - especially what your feelings were about trading in 1998, before all the chicanery got going full throttle. I will say this. Those of you who are readers but not posters I can imagine you've noticed that the attackers of yesteryear are pretty darn quiet these days aren't they? Two years later I did do what I said I would. And what have all of the defendants done? Instead of facing the music and maybe even trying to file counter-claims against me for libel and slander - they should and would have if I were not telling the truth - well, instead they "run and hide like the dogs they are." (What movie was that anyway?) Well, Rea and Berber have both committed obvious and provable perjury before the Superior Court. Mr. Berber, if you're listening, please sue me for that statement in any Court of the land you prefer. I will not fight jurisdiction like you just did. (He won't because if he did then the truth would be heard by a jury, and he would open himself up to my filing counter-claims. His lawyers are too smart for that.) So they lie, cheat and steal - then they lie some more even in Court before a Presiding Judge. Right now if we're talking status, the defendants won all their motions so far, and maybe they believe they're winning, but in fact I'm confident those rulings, now before the Court of Appeal, will be reversed, and no matter what happens, the defendants have already done themselves even more damage. If a class action is filed, that will come in handy - that they ran and hid through lies they told the Court. Not too clever. I've learned through my research that juries tend to become inflamed when wrongdoers try to cover up their wrongs. So, maybe one day soon we will be able to raise an SI toast together. I look forward to the day. Now bring on the stories - related to this case or not. Should I get the ball rolling? Well, anyone remember MZON that afternoon at 22-25 when NITE was shorting all day and I guess his supervisor walked over, went nuts, forced him to cover, and traders caught him red-handed, nailing him all the way to 57? I'm sure many of you do. It is a great shame those days are gone because of a few people smothering the industry...

To: CountofMoneyCristo who wrote (1290)	6/28/2003 9:48:10 PM
From: Dave O.	Read Replies (1) \| Respond to of 3143

< Those of you, SI members, longtime or recent, if you day traded, I would like to hear your stories - whatever they are, and whether or not you feel inclined to seek damages. > You want stories? Okay, here we go. I've been trading, both intra-day and position trading since April 1996. I've had winning trades and losing trades. Some were big losers that offset a lot of small winners. One year I had 76% winners are was barely profitable. But I blame no one other than myself for allowing losing trades to get away from me that first year. I could have closed out such trades at any time. But I was stubborn; I didn't want to be wrong. I didn't want to admit to making a losing trade. But losing is part of the game and always will be. I learned from my mistakes that year and each subsequent year I've traded and have been profitable every year since 1996. I traded "hype" stocks from CNBC at times, picks from Jag Notes, picks from Pristine, chose trades from IBD and the Wall Street Journal. If I had losing trades from any of the above sources I didn't blame them. I may have entered (long) too late and missed the momentum or vice versa on short trades. Some traders don't have discipline and allow losses to snowball. I watched traders lose a LOT of money trading high flying stocks in the late 90's. No one forced them to buy the stocks they bought. And no one forced them to hang on and hope and wish that they might bounce back. Often the trades headed further south and reached a point when the trader could endure no more pain and closed out the trade with losses in the thousands of dollars or even tens of thousands. Whose fault was it that they lost money? No one other than the individual trader IMO. They consciously chose to buy (or short) the stock. Yeah, lots of traders lose money; maybe 90% fail. But ... that's not any different than small business startups where the failure rate is similar. If you want to succeed at anything in life, including trading, you need to work at it. There's no holy grail and no "easy" picks from stock web sites, newspapers or any other media. And I feel compelled to ask a question. I believe you originally stated that you'd retained 2 legal firms on a contingency basis. If you feel so strongly that your case has merit and can be won then why would both firms apparently ask to be relieved from the case in the past month or so. Geez, if I had invested time and effort and felt I had a high probability of winning a massive settlement I'd certainly not walk away from the case. Can you imagine the lawyers who fought the tobacco industry walking away as the case worked its way through the courts. I can't ... your posts leave many questions unanswered. Again, it's unfortunate you apparently lost a lot of money. And last, do I plan to seek damages? What for? My being a naive and inexperienced trader in the beginning? That's life and part of the learning process. I'm responsible and accountable for my own actions and choices. None of us is perfect and it's easy to want to blame someone other than ourselves for our own failures. But if you want to grow and mature as a trader you accept the negative results of your trading and turn the mistakes into learning experiences.