Why even with L2's and fast executions I dont have the stomach for Inty type stocks.. Today it took 30 mins to buy and sell QDEK at market. The MM's were that far behind. The ones using ISLD and TNTO did much better but they still had problems..
But heres something Steve wrote which I think people should read and keep in mind. Something that goes up 500% in a day can also come down 500% in a day so if you value the money you trade, dont get into something you cant afford to loose. No such thing as easy money. Yes I know LS and Jenna shows us how easy it is to make money. But in reality I have found it aint that simple or easy. Even just playing their own trades. I mean I have played NETA 3 times for earnings before, lost money twice, once 50+K. Once made 5k cause I forgot and didnt keep track of the earnings date. This time NETA went up 8 points from where I got out of, even holding puts and the stock I was too screwed up due to all the problems to just get out and voila, but at least I made a point or 2 no matter what!
To: +steve goldman (2908 )
From: +steve goldman Wednesday, Apr 22 1998 7:18AM ET
Reply # of 2912
Zeus had posted this on the Yamner Thread which I thought had become extinct...posted response here:
Thanks for the note. You bring up a few issues which should be addressed. Let me start this way:
1. Many up here probably get the idea that we are some active, trading firm. Thats not the case. Our objective is long term growth, long term investment, clients meeting and exceeding financial objectives. You dont to have 20 years of unblemished market experience recommending crap.
Nonetheless, we, as a result of our singular services, have a great market niche. We offer something most of Wall Street has skipped past...top notch service for the more active trader. This is also the fun part of our business, its exciting and dynamic. But 85, 90% of our business is long term investors, big and small clients, institutions and funds.
2. Long term investing is where the growth for most investors is. Successful trading is not easy. Its a skill that not everyone has. And those that dont make money...lose money. Some lose miserably.
We have clients that have been in quality issues like GE, WLA, MRK , PFE, BS, stocks that have had great 12, 18, and 24 month periods. And we got into these stocks for defensive reasons when the dow was struggling to get to 5000, what like, 18 months ago? Noone would be so bold as to think you could just grab some basketball shoes and become a successful, highly paid professional athlete, but most think they can just start buying stocks and become a successful trader, giving up their professions. And, when the market strokes to record highs, and KTEL goes up 39 points in one week, and this and that goesup 200% yesterday, everyon is the worlds greatesttrader.
** Please be careful. Money is as easily lost as won.
3. For most, ONCE YOU HAVE YOUR LONG TERM PORTFOLIO SQUARED AWAY, (which I would hope investors utilize our services for) there is room within the high growth and THUS HIGH RISK, component for some more active trading, anywhere from day trading, to swing/position trading.
Here, yes, we can offer advice, guidance, suggestions. Some suggestions might be suitable for one client and not another. It takes time to develop a relationship where we come to understand your like, dislikes, risk tolerances, etc.
For instance, I have some clients that would have slammed the phone down if I ever called with stocks like WDC, SEG, HMTT, all 35%+ gainers recently for us, and are more looking for the GP, GE, WLA calls, and vice versa.
4. Trading for you? While I appreciate the offer, we have enough capital of our own. If I had all the answers, I wouldbe doing this, spending this time here. What we can offer is experienced guidance and other feedback regarding themarkets, suggestions and concepts, ideas, strategies.
5. 10k, 15k, in my opinion, is a bit small for trading but could be more appropriate for swing position trading. A few good trades and you might then begin bringing the principal up to a more suitable level for trading. Also, IT DEPENDS ON HOW MUCH THIS IS RELATIVE TO REST OF PORTFOLIO. If you tell me this is 100% of your portfolio, FORGET IT .... Put it in a few good mutual funds...look at Van Windsor II, TRWO Science and Tech, Putnman Health Sciences and Vang. Health Sciences.
We offer many services for clients, our chat site which has become more a place for clients to get ideas and suggestions using private messaging (http://www.yamner.com/newuser.html), Ichats Pager service, we have daily emails for clients (steve@yamner.com SUBSCRIBE CLIENT in message ) and then of course, the individual phone call about something of interest.
Ultiamtely, you make the decisions, we just offer ideas and suggestions based upon your objectives. We've been around for 20 years, we must do something right.
Regards,
Steve@yamner.com
yamner.com
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