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

To: snerd who wrote (8605)	2/10/1999 11:10:00 PM
From: MMK	Read Replies (1) \| Respond to of 56535

Good advice: Just catching up on threads and came across this. Great thoughts on trading... MMK To: Jay Lyons (8264 ) From: Dave Shares Wednesday, Feb 10 1999 7:33PM ET Reply # of 8276 Mistakes This has not been a good week. No discipline. I am suspending myself from opening any new trades for a few days. I am losing more trades than I am winning. This is a very bad sign. I am too anxious to trade at the open, instead of waiting 20-30 minutes for the dust to settle. Selling a gap at the open is one thing, buying or shorting at or near the open is stupid, and I MUST STOP DOING THIS. I am holding a short position that I could have closed at a profit today, and did not do so. I know that I can trade well, but I am not executing, and so I must put myself on the bench. I am going to think, watch and analyze. Then, I will come back and do a good job, because I will keep to my plan and follow my rules. I am going to limit myself to opening 2-3 trades per day at the most. I am not going to trade for at least 20 minutes after the open, unless it is to sell a hold on a gap or to short a stock on a suckers gap up open. I am going to limit my losses to 1% of capital. I am going to be more careful I am going to be glad I am doing this, because I made a terrific profit in January, and I refuse to give that profit up (well, I have given some of it up, but not any more !). The IRS will be looking for their share anyhow. It is time for a rest. David