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To: AllansAlias who wrote (77513)	7/16/2003 11:13:16 PM
From: The Freep	Respond to of 209892

I cannot delve into those experiences, AA. Too painful. Suffice to say that the lesson I have learned on a couple of occasions are... I am NOT smarter than everyone else, I must use stops, I must use stops, and I must use stops. There are other lessons, of course, but that's a good one. Freeplet uses stops. The lesson I currently try to teach myself is to use stops. the freep

To: AllansAlias who wrote (77513)	7/17/2003 7:06:52 AM
From: skinowski	Respond to of 209892

Exactly 5 years ago, going into July 17 of 1998, I built up a sizable position in puts. I was either right or lucky, doesn't matter, but the market did come down hard and I made a lot of money. This was a bad thing, because it gave me an inclination to look for a repeat performance. Any approach which is likely to make a trader stubborn is a potential problem. We study sentiment and we use it in a contrarian way. However, we mustn't forget that we are human and that more often than not our own personal sentiment should be dealt with in (sort of ) a contrarian way. I've noticed many times that when I enter a position with "confidence", such a position is likely to turn out to be a loser. On the other hand, positions which are entered with worry and with a sort of trepidation, the ones which you have to "force" yourself to enter - are more likely to work out. (In other words, if one ever feels very "confident" about buying an option, perhaps it would be wise to consider selling it instead... g/ng) My only real regret about this game is that my intellectual arrogance prevented me from becoming a serious student of markets for a number of years. You see, long ago I decided (almost casually) that since stocks were moved by a such great number of uncontrollable variables - "investing" was in reality gambling. As any good lie, this one contained a good deal of truth - and it ended up costing me many years of what would be valuable experience.

To: AllansAlias who wrote (77513)	7/17/2003 9:31:45 AM
From: Jack of All Trades	Read Replies (1) \| Respond to of 209892

Like you have said in the past, ENTRY is everything... My list of trading failures run long, each one was delt with in a different way. What has ended up working for me (so far) since the last major failure is to maily daytrade the wiggles, not hold overnite and DCA into options with my wiggle winnings for the longer TF trades...

To: AllansAlias who wrote (77513)	7/17/2003 12:30:43 PM
From: yard_man	Read Replies (1) \| Respond to of 209892

I likewise made a real nice return on that decline in 98 -- had a bunch of puts -- put the money to work way too soon on the retrace and lost most of the profit. Simple lesson -- when you've booked a good one -- relax, enjoy -- don't get in a hurry.