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Strategies & Market Trends : Waiting for the big Kahuna -- Ignore unavailable to you. Want to Upgrade?

To: Pancho Villa who wrote (11011)	12/6/1997 11:32:00 AM
From: Staff	Read Replies (1) \| Respond to of 94695

As they say in the business... if your face glows in the dark in bed at night .. your probably watching you stocks a little to close during the day :-) <ggg>.... Pancho my expertise was trading commodities for my fund investors years ago. I can tell everyone one thing that if master it will make you tons of dough. Th world is full of books,systems and people telling you how to trade to make money. Very very very few of them teach money management. You will find the traders that are around the longest are the ones that learn to manage money. Or as my old mentor taught me... Those that don't know how to manage money will eventually manage to have no money Rule #1... never give it back and faster than they give it to you. In other words... if you made some dough trading 5000 share lots... don't give it back trading suddenly 50,000 share lots... God may have invented Monday night football for those that needed to double up to catch up for a bad Sat. or Sun. betting the ball games but on Wall Street the season never ends :-D It trades every day so don't be in any hurry top try to make a killing or a comeback. They don't hand out any trophies at the end of the year :-) Have a great weekend amigo...

To: Pancho Villa who wrote (11011)	12/6/1997 11:46:00 AM
From: bearshark	Read Replies (2) \| Respond to of 94695

Hi Pancho: Funny you should say that when I have the following in my hand. This is from my collection; a bit long; but it may prove interesting to history lovers. From an article entitled "The New York Stock Board." ". . . some years ago, a young clerk having honestly come by a few hundred dollars, bought Erie stock with it at about 30. It rose in a few weeks to 45 or so. He made several thousand dollars. He continued to speculate. He bought other stocks, which rose likewise. He extended his operations, gave up his office, invested all his money and his time in his gambling schemes. All throve. Every stock he touched rose. He began to feel that he was a person of very superior judgement. His broker rather shared the opinion, listened respectfully to his orders, and asked him for hints. He took a fine house and lived well. When he had made considerably over a hundred thousand dollars his broker took him into his inner room one morning. 'Mr. L______,' said the honest man, 'the balance in my hands due you is now $_______, considerably more than you will want to live upon for the rest of your life. You have a mother and sisters. If you continue to speculate you will infallibly lose every dollar. Let me entreat and implore of you to draw out this money, and go to Europe for a couple of years.' The young man laughed scornfuly at the suggestion, and intimated that he was old enough to take care of himself. 'Then Sir,' said the broker, 'you will be good enough to withdraw your balance and close your account with me, for I will have no hand in ruining you.' He did so; engaged other brokers who were glad of the business; and was a beggar within sixty days, without employment, or money, or credit, or capacity for work." (Harper's Weekly, A Journal of Civilization. New York, Saturday, September 12, 1857.)

To: Pancho Villa who wrote (11011)	12/6/1997 11:56:00 AM
From: William H Huebl	Read Replies (2) \| Respond to of 94695

Hey PV, In some ways I agree with you and in others I don't... - For the average person, the buy and hold strategy is the most practical. - Many of the posters on these threads are trying to become more than the average person... and IF (VERY BIG IF) you ARE (VERY BIG ARE) able to time the markets an/d or time stock moves... the profit potentials are enormous (little enormous). For those who can time their trades, the profit potentials are not just percentage increases but many-fold increases in profits. This has long been documented in Norman Fosback's book "Stock Market Logic". Now I don't suggest everyone reading this post turn day trader... no, most need to find his or her niche in terms of how they can trade and this includes such things as: + time frames or holding periods (short , intermediate, long) + investiment vehicle (equities, bonds,, indices, futures, options, etc) + buy/sell signals + portfolio pprotection and I am sure others could easily add more to this list. You need to know what you are doing right and emphasize those things over your errors... and especially knowi when to fold. So I don't necessarily agree that people SHOULDN'T trade frequently... IF IT WORKS FOR THEM!!! If not, then your comments apply, IMHO. Regards, Bill