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

To: yard_man who wrote (18498)	5/14/1998 10:03:00 PM
From: William H Huebl	Read Replies (1) \| Respond to of 94695

Tippet, You know that is only a subset of the rule that says... if things aren't going the way you planned (forecast), then don't trade. If you ARE in a trade, then exit immediately. You MUST have a trading plan BEFORE the market opens with both entry and exit strategies. And STICK TO IT. Lost more money trying to "wing it," than if I had just not traded. Today was a good example, I expected the pullback, forecast what the option would do, perhaps set an unrealistically low price on it, BUT I DIDN'T CHASE IT ONCE IT TURNED AROUND. And by cancelling the buy order when it was clear I wouldn't get it and the market was getting away from me, I saved the grief of being the proud owner of 10 options at the close that will most likely expire worthless tomorrow. AND THAT WAS BECAUSE I DIDN'T HAVE ANY EGO INVESTMENT IN EITHER OWNING THE OPTION OR TAKING THE POSITION. My focus was on getting the option at the right time and price AND NOTHING ELSE MATTERED! WHEN ANYTHING CHANGES...BAIL!!!! Bill