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Strategies & Market Trends : Trader J's Inner Circle -- Ignore unavailable to you. Want to Upgrade?

To: Trader J who wrote (722)	11/21/1998 1:38:00 AM
From: nojobjim	Read Replies (1) \| Respond to of 56535

Hi Jeff. dont mean to top you but my parents{ god rest there souls } kidnapped me for a much needed vacation. two weeks of whale watching in Depoe Bay. aug 20 to sept 4.On the upside I did relax. Downside, I was margined to the hilt.Upside? You cant buy that kind of hurt.So here I am back on the horse.and 80% cash. whats left. james P.S. folks are alive and dozing without a clue. P.P.S. INFS and I are history for the first time since june of '96 P.P.P.S ALLP asked to set a date:(

To: Trader J who wrote (722)	11/21/1998 3:57:00 PM
From: Poet	Read Replies (5) \| Respond to of 56535

All I can say, Jeff, is that I really agree with you about a lot of the points you made in your post to me. First, I've also had a couple of things brewing on the personal front, which should have told me NOT to attempt daytrading this week. I sat like a zombie while losing trades got away from me and didn't have the quickness to jump when I should have. I'm thinking of putting a sign on my office wall saying "Do not attempt to operate this machine while under the influence of drugs, alcohol, or personal problems". One of my problems this week was that I sold a bunch of losing positions on a down day, only to see them pop right back up in rallies at the end of the week. This includes: EWBX, GWRX, GNET, and probably more than I can remember. I think the market is toppy, especially in net stocks, so I freaked at a dip, thinking this was the big slide I've been anticipating, and lost a fair amount of money. Another mistake I've been making in my daytrading is following the #daytraders channel too closely. There are some great traders there, some not-so-great, and some dishonest people who whip up a stock with a small float, only to pull out when newbies like me jump on the bandwagon. In the end, it's my own fault for trying to trade this way, but I hope some of you who read this thread can benefit from my painful lesson. With regard to position and swing trading, I've been much more successful at this than daytrading. First, unless you have a direct execution system like MB trading, it's very difficult to trade quickly through online brokers. Second, I can stick to my guns better when position trading. I set a buy limit and must wait until the stock comes to me. I figure out in advance how much of a profit is reasonable for the trade, whether it comes in an hour or a week, and set a sell limit. Of course I tweak these numbers depending on news and market conditions, but the process has been less agitating and more profitable for me so far. I'd love to start going about position trading systematically with the other thread members. The following are some of my current holds: NEWZ: A Tim Luke pick. Now about 8 3/4, it moves quickly on news. It's been hovering around 9 recently and the rumor is that an imminent announcement will help take it over ten. There's a NEWZ thread with good information on SI. CIEN: I love the way this stock moves in leaps on even the breath of a rumor. I'd been holding 1k for a week or so at 17 3/4, only to see it drift down to about 16 in the middle of last week. All of a sudden, buyout rumors started to move it. I sold at 18 3/4, then bought back in at 17 1/2 and traded again at 18, all in one day. BEAS: I mentioned this stock yesterday. It fell about 13 points due to not meeting earnings. I traded it once on Friday for a point, then bought again after a pullback and am holding it for next week, when I expect it to regain a few points. For new traders, this is called a "dumper" play -- a stock which people have dumped frantically on negative news, onlt to partially recuperate when people realize the news was not bad enough to merit a 50% loss. I hope this wasn't too lengthy, Jeff. You've been very generous to all of us here and I hope that this might be my contribution this week. Poet