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

To: Trader J who wrote (2922)	1/1/1999 1:41:00 AM
From: Mike McFarland	Respond to of 56535

You have some very reasonable sounding thoughts Jeff. The part about trades becoming investments rings particularly true--when I've had a trade gone bad myself I think I have done well to cut and run, reducing the position down to that final third, if not alltogether. There have been a couple I've held onto, even doubling down occasionally. I agree that this can evolve into a bad situation --if you don't stick to the rules emotion creeps in, and that's a big enemy--getting attatched to a stock. It is certainly easy to just say, well, now that is a long term investment and maintain the position. On the other hand, what a nice feeling it is to find what looks like a good bet, an investment, and load up ...waiting for the day when you'll reap. I don't know what is the smartest way to play, daytrade or position. Over time I've decided that the only way I want to trade, whether it is for the day or the year, is to buy things that I would be willing to hold if the trade goes bad. I'll let you know next New Year's Eve if I get it figured out. Nice post, and best wishes for a prosperous 1999! --Mike

To: Trader J who wrote (2922)	1/1/1999 2:16:00 AM
From: Norwegie	Read Replies (1) \| Respond to of 56535

You are one smart man and you write so well. And you sent that wonderful post at 10 PM on New Years Eve, having just brought Mackenzie Nicole home this week. I wonder where you find all the time to do what you do. Yup! I'm one of those who wants someone else to do the research and then I'll decide if I want to buy a stock. My sister who lives in Eugene OR has been trying to teach me how to research for a year by e-mail and phone, but I live in Kentucky so its kind of hard and besides I don't listen anyway. This is a great board and now it is going to get better. More information and research. I'm looking forward to that in 1999. I just hope it doesn't get bogged down with 700-800 messages a day like TMex. I had to quit reading it. I don't have the time and most of it now is just drivel. I now just do searches for the stocks I own and try to find the messages that he has written. Then I "clear message counts." That No Pennies board is awful now. Didn't used to be that way. But the more people that hear about this nice informative board, the more messages there will be. A while back you mentioned that you don't have Level II. How do you make all that money without it? That puzzles me. I thought all the people who seem to do so well had Level II. I only made two bad mistakes this year in stock picks. And I still made the equivalent of 1-1/4 years salary. I lost my job in January. So I'm very satisfied with what I've done so far. And I would be happy if I could just make the replacement of my salary each year until I can get on Social Security in eight years. We've already got the IRAs and mutual funds and utility stocks and stuff us older folks should have. So I just play in the market with a little bit of money. And I have no more than three stocks at a time. I cashed out a mutual fund just before market tanked August 31. Had I kept the fund, it would have paid me $1800 this year. I made $8000 on that money. "I think I am learning a little about this stock market stuff. I must be." I'm looking forward to a good 1999 and also to the specialists posting information. Keep up the good work. Happy New Year to you and your family. Lurkyloo

To: Trader J who wrote (2922)	1/1/1999 3:06:00 AM
From: Tony B	Read Replies (1) \| Respond to of 56535

Off Topic, TJ's posting, & lessons learned...- Happy New Year everyone. Hopefully we can all learn from our 1998 mistakes and become better traders. We're starting fresh, so let's go make some money!!! Late posting cause I just got back from the Peach Bowl. <OT mode="severe"><rant>Why do I root for a team that has never failed to choke in a big game!!??? How do you lose a 21 point lead??? For anyone that knows UVA sports, they will recognize that as a classic UVA choke. Simple as that. ugh </OT mode="severe"></rant> TJ - You are not anything like I pictured you! A beautiful baby, by the way. Well said in your post. I, for one, love the way you post the stocks you're looking at. You give us readers a chance to see what you see and try to understand your reasoning behind them. Some of the things you have posted, I've looked at and thought "What the hell? This looks like the worst stock in the world!". This gives us newbies a chance to learn what makes stocks tick and keeps us from coming back here. I would love to never visit here for a pick (I'd still come for the atmosphere, tho ;), but rather be able to spot a trend on my own. I'm a loooooong way from doing this, but hopefully, I'll get there. If I wanted someone to hold my hand, I'd get a financial advisor and let him handle my money. But I'm here to learn how to make my own money and also to have fun, dammit! g Keep going the way you're going TJ. It's the best! Lessons learned? Don't use market orders and especially not in the first half hour of trading. Don't fight the trend. Try not to chase. I don't have to have money in a stock. When expecting a gap and you don't get one, dump the sucker and stay out of it. Any profit (including a buck), is never a bad thing. Again, good luck to all of us in 1999. Let's kick some butt. llater, Tony B

To: Trader J who wrote (2922)	1/1/1999 4:11:00 AM
From: Doug T.	Read Replies (3) \| Respond to of 56535

Trader J, Good post, sent that one to the printer. Greed caused my biggest losses last year. Couldn't sell for a $200 gain today but could sell at a 1,600 loss the next day. Chasing stocks is another problem that caught me a few times. The dreaded MARKET ORDER... need I say more. This year will be different, changed brokers and now have JPR Capital with RealTick III. Executions are within seconds if I hit the bid or ask. So much to learn with this program, still playing with 200 share lots. Hopefully any loss will be cut ASAP. Your post yesterday was refreshing to read. After reading many posts about tens or hundreds of thousands made in a single day is a little discouraging. Some of us started with almost nothing and has made me wonder in the past if I was in the wrong league. You did very well for yourself last year. It's late, Happy New Year to All! Let's have a good year, Doug

To: Trader J who wrote (2922)	1/1/1999 5:01:00 AM
From: Jim	Read Replies (1) \| Respond to of 56535

Trader J (Jeff). I got up early on Christmas day (as us older folk often do), and read your wonderful post about your new daughter. To-day, I get up on new year's day, and read your thoughtful post about investing in these crazy markets. Thanks for your time and effort to both inspire and educate us. I just stated "playing" the Nasdaq market about a year ago after many years of "investing" in the Canadian TSE where I still have all of my retirement money. Unfortunately, my wife, who invested a small inheritance last year in GICs (paying 3% annually), did a lot better then I did this past year. I try to do DD, but found the stock movement completely irrational and unrelated to the financial basics of earnings, assets, ROE, PE etc. I have been "playing" the market by trying to find a newsletter or individual with a good track record. I get tired on threads where all I read is EGGS! EGGS! or THIS IS THE NEXT AMZN! etc. etc. I find this thread the best for reasoned discussion of the market, and appreciate knowing what each person is doing ie. ASCT bought at 4 1/2. Unfortunately, I fear that as this thread gets more popular it will begin to have more of WOOD: something incredible will happen! It is too bad that we can't get a forum (with a small membership fee) to make sure this higher level discussion continues. Anyways, must take the dog (and me) for a walk. Thanks for your concern about us, and the best to you and your family for 1999.

To: Trader J who wrote (2922)	1/1/1999 5:16:00 AM
From: Jim	Respond to of 56535

P.S. Just had a look at your new baby pictures. It looks like Mackenzie Nicole is saying to you - "What! you think ASCT will go to FIVE again".

To: Trader J who wrote (2922)	1/1/1999 10:39:00 AM
From: Len	Respond to of 56535

J, Each of us is responbsible for his/her own actions. And, any trade based on your thoughts and suggestions are still our own responsiblility. I, for one, would very much welcome and appreciate your suggestions. You, obviously are very close to the market and I, like many others, simply cannot spend as much time purusing and studying data-- although I am doing more and more. As I have followed this thread I have been trying to determine if I can truly be a "Day Trader." And, I know that I can't. You called yourself a "Position Trader" and I think my temperment is more closely akin to that position. So, again, I would very much like your opinions. Once again, thank you for your insightful and very thoughtful posts. You should be taking a commisssion.--Only kidding. Thanks also to all the others that are so helpful and supportive. I look forward to a great 1999. Happy New Year. Len