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To: TFF who wrote (875)	11/8/1997 1:53:00 PM
From: TFF	Respond to of 12617

ALL: Ck out Applied Derivative Trading. Updated monthly. Great new guide for beginner/intermediate traders called the ADT guide! adtrading.com Although it deals with derivatives most principles of trading are common to all instruments.

To: TFF who wrote (875)	11/8/1997 2:00:00 PM
From: Timelord	Read Replies (1) \| Respond to of 12617

irby: I would say that he didn't have any strategy before he bought the stock, and instead allowed the market (and his emotions) lead him around. One of the main lessons I've learned from my reading is you need to have clear goals and strategy before you buy. That includes having a system to identify where to buy, and knowing both the upside and downside of the position you are taking before you even make the trade. Once you establish that, the downside sell point prepares you for the loss and preserves your capital, and the upside prepares you to accept your gain and be happy with it. Discipline is necessary to execute your strategy and to keep your emotions out of it. I also re-read his post, and the worst thing you can do is to make a trade to "recover" your last loss. Incidentally, have you read the Robert Koppel and Robert Koppel and Howard Abell books, The Intuitive Trader, The Outer Game Of Trading and The Inner Game of Trading? Three excellent books, although the first was my favorite. They support much of what is written by Elder in Trading For a Living, but delve deeper into the psycholigical aspects of trading. They focus on options trading, but the lessons apply equally well to the equity markets. Alex I've been lurking for a few weeks and only position trade at this point, but I may jump in if I feel I have something to contribute. Lots of great info. on this thread, thanks to all.

To: TFF who wrote (875)	11/8/1997 2:00:00 PM
From: Chris	Respond to of 12617

irby, could you post your opinion on the GE daytrade? im eager to find out his mistakes.. great post.. best of luck, Chris

To: TFF who wrote (875)	11/9/1997 2:07:00 AM
From: TFF	Read Replies (1) \| Respond to of 12617

Things to improve on GE trades: 1)Ulcer inducing Level II quotes........maintain a positive attitude. 2) GE........know why you are buying a position. 3) Recoup losses.......always move forward, losses are expected. 4)Walking around Boston.....never leave open trades unattended. 5)DOW plunges, GE 63.................always have stop losses,never argue with the market. 6) Bought 10/28 Sold 11/03.........never hold trades overnight. 7)Had I held my original GE...........have a plan, stick to your plan.