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Strategies & Market Trends : Momentum Daytrading - Tricks of the Trade -- Ignore unavailable to you. Want to Upgrade?

To: Terry V who wrote (572)	2/21/1998 1:34:00 PM
From: Tom Hua	Respond to of 2120

Terry, how true it is. I used to sit on my losers, sort of sit and pray. Well, I've come to realize that the lord has taken no part in my losing trades, so it's up to me to cut the losses and move on to greener pasture. From the time I flush the "sit and pray" philosophy from my trading habits, I've done a lot better. Regards, Tom

To: Terry V who wrote (572)	2/21/1998 2:22:00 PM
From: Susan Saline	Read Replies (4) \| Respond to of 2120

Terry, Remove the terms "average down", and "I can't trade, I am stuck in a position" from the vocabulary. You are cordially invited to my office, to beat the **** out of me until I follow this rule. gggg I know the rule, I know the rule works, and yet...am unable to use follow through. Suggestions welcome ...... have tried banging my head against the wall , which just gave me a bigger headache. Still I hold fallen stocks. Sue

To: Terry V who wrote (572)	2/22/1998 6:03:00 PM
From: Cash	Read Replies (2) \| Respond to of 2120

Terry, I couldn't agree with you more. The worst thing happened the other day. I didn't get out, and after my position dropped further, I averaged down. I then turned around and soared and I made significant profit. THE REASONS WHY THAT WAS SO BAD are 1. I had positive reinforcement of a negative action! ... always bad in the long run. 2. It came nowhere near to making up for all my extra losses that I've had by averaging down. 3. If I had exited when I originally should have, and used those dollars to buy later when I was doing my averaging down, the trading would have been even more profitable, but in doing it the RIGHT way. Don't be afraid to embarass traders. Hopefully, it'll just make them see things in a fresh light and stop their mistakes. The people in your IRC should be seeking help and giving help or why bother being there.