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Strategies & Market Trends : From the Trading Desk Bloopers and Blunders -- Ignore unavailable to you. Want to Upgrade?

To: steve goldman who wrote (5)	6/16/1998 7:36:00 PM
From: Mary A Young	Respond to of 20

Did anyone other than myself find today to be a bit tough.....other than GMGC? I did something today that I really thought I would regret. At the time the momentum seemed to be there, but I went into KTEL at 14 3/4. Down it went. Because of disruptions, mainly phone calls, I didn't watch it as carefully as I normally do and normally I would get out when it went against me with 1/16 or 1/8 stop. Anyway, it did get away from me. I simply decided I'd hold it at that point until it did some recovery. Normally this is TOTALLY against my rules. It even occurred to me that I might take it home. UGHS. And KTEL did make several attempts at recovery. At the close today, I was able to get out at 14 7/8. Some buying came in and I got out. +1/8. Nicest eighth I think I made all day. I learned a lot of lessons from this one as well. 1) Stay off the phone while in a trade unless you are REALLY good. 2) Follow your rules......don't compromise. Your food digests better. 3) Don't count on this happening every time cause when I was paper trading, I lost almost every time without exception. Wonderful new thread, Steve....it should be bookmarked by every beginning daytrader. Mary

To: steve goldman who wrote (5)	6/16/1998 8:27:00 PM
From: Daniel Miller	Respond to of 20

To ALL: Great thread Steve (it's been bookmarked.)... I being a kid trader I have made some pretty bad moves awhile back. I actually only made 2 or 3 but the good ones outnumber the bad ones. One of my really bad trades was on STNX. Purchased at .69. Expected to go up to 1 or near there. It went up to about .8, then fell like a plane from the sky. It reached .01 within a week. I had many chances to sell it on the way down but expected a bounce back. Now it would cost more to sell it then hold onto it. Now I am currently holding onto a few hundred shares of nothing:) This was without doubt my worst trading experience. I have learned from this experience that you should set stop prices. It prevents you from making major losses which could have been avoided. Yes, sometimes there are exeptions. But don't try to convince yourself the stock will go back up. It isn't good to be pesimistic about your stocks, it jsut leads to you not believing reality. You must see the loss, take it and move on. Don't just hold on, it will just end up in more loss. Right now I am holding onto LTGL, purchased at .074, now at .049. The second I see this stock reach into the .03 I am selling. Ignoring the fact that it has alot of potential to go up. A rule is a rule. Follow them. I hope this taught someone something. It sure taught me. I am still thinking wether the money was worth the lesson. so far the lesson has made me alot of money. I think I payed my moneys worth. This lesson was free for you though. Hopefully you will never stumble upon another STNX like me. -Daniel Miller DM14trader@hotmail.com