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Strategies & Market Trends : MOST MONEY MADE -- Ignore unavailable to you. Want to Upgrade?

To: Logistics who wrote (21)	5/24/1998 10:12:00 AM
From: Mike McFarland	Read Replies (1) \| Respond to of 61

Wow 28 grand, very nice, my best day so far was with that first run in General Magic, I had a lot of shares with a basis under $2 and made around $20k --that's after all the trades in it were totaled up and the commissions taken out. I hate to think about all the mistakes I have made this year but one was selling that GMGC at $4 1/2, at the very least I should have logged on and watched the one-minute chart that day and I could have had quite a bit more, maybe getting out closer to the intraday high. I guess I was so excited I just sold as soon as I saw the price, newbie mistake. My largest loss, or my biggest mistake: I figure I have lost about $20,000 in missed gains this year from sleeping through the first hour or so of trading--I like to sleep in, and if you're out here on the West Coast, that's pretty easy to do. I don't have any really huge losses yet, I try to start averaging out as soon as something starts going the wrong way. Even in something that I think is an excellent find, I just assume I'm wrong and start lightening up on shares as I get closer to a 20% loss. I occasionally double down, but since I try to go into a position in thirds, or at least in two parts, maybe that is not really doubling down. I guess my worst stock was the closed end fund FPF, First Philippine Fund, lost two grand. But I had my wife play the dead cat bounce in that, so we are even now with FPF. I guess if you check my current portfolio, there are other losers, but they are unrealized and unless I get a bit past that 20% threshold I wont take any losses from those. I suppose it is only a matter a time before something I have just crashes, but bottom fishing and value investing (what I think of as value) seems to have prevented this happening yet. On Tuesday I will find out how much being asleep at the open cost me Friday--I could have had 100,000 shares of MINE at a cost of less than 25cents apiece if I had been up, as it is I got screwed and ended up with 30,000 at 3/8ths. If Golden Eagle runs to around a buck like I expect, that nap will have cost me quite a lot! Sorry, long post, but I should also say that I traded MINE from an average cost of eight cents to around 14 cents, making about $8500, so if MINE goes down Tuesday, I don't feel I'll be taking a loss, even tho the trade could go sour. Still, I expect MINE will run to at least a buck over the next few weeks. Those are all my thots for now, it was fun bragging, thanks!