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

To: Trader J who wrote (2972)	1/1/1999 4:25:00 PM
From: MMK	Read Replies (2) \| Respond to of 56535

Trader J/ALL, I have greatly enjoyed reading the posts from this am about the future of this thread. This is (imo) the most friendly, helpful thread I have thus far encountered. I appreciate Trader J and all that he has generously shared and have learned so much from all of you. Just looking back over my past 5 months trades and wanted to share this with you- first 21 trades-1 gain/ 20 losses- approx. 1/2 of investment lost next 23 trades- 14 gains/ 9 losses- made back almost all of 1/2 lost - kept back $3,000 for tax loss (last last 11 of 15 were gains) Second set of trades were made after I joined SI and found this thread. Things I've learned- Get out of a falling stock (used to keep 5-7% loss as the place to get out, now much closer to the price.) Gains are better than losses!!!!!! Keep greed in check (sold SKYM at 16 instead of 40, but made almost a triple) I have read Jeff Cooper's 5 Day Momentum Trading and subscribe to his service. One technique he uses is to place a buy stop at the stocks high price from the previous day. This is nice, because if the stock tanks, you don't buy it and get stuck with a loser. He then uses a series of sell stops, beginning with the lowest price the stock reached the previous day and raises it daily. After about the third day and the stock has been going up, he sells 1/2 to lock in profits. This too is nice, as you can stay with the stock if it keeps going, but free up gains for more investments. I have left my teaching job of 14 years and will be pursuing trading as a means of income. When I tell people what I will be doing seriously 3 days a week and not so seriously 2 days a week, they look a bit confused. Most don't have a clue, as I didn't have a clue just a few short months ago. They ask how will I be able to sit alone in front of a computer all day, not talking to anyone. They don't understand and definately lood confused when I try to tell them about my new cyber friends. Wishing everyone a prosperous New Years- Live long and prosper- MMK