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

To: Tony B who wrote (9852)	2/24/1999 1:08:00 PM
From: MMK	Read Replies (1) \| Respond to of 56532

TJ: I do not care if you put in share amount. I don't pay attention to it. Trades: I watched DRIV, XYLN and BFLY all morning. Missed the drop on DRIV because...I wasn't paying attention. Just as i finally decide BFLY is nearing it's low, my stomach gets butterflies and I don't push the button. It drops like a rock. Now I find out A@P has got it...Whew... Still looking .. and thank you butterflies...MMK

To: Tony B who wrote (9852)	2/24/1999 1:40:00 PM
From: Tony B	Read Replies (1) \| Respond to of 56532

bad trades... Considering TJ and Poet (i think) got such a kick out my BKS trade yesterday (and I can't help grinning about it), I thought I'd post it. I made so many trading mistakes here, it's hard just to pick one to learn a lesson from. Basically, for any day-trading newbies, if you find yourself starting to think like this before a trade, go back to bed, you won't regret it. okay, here's my thought process on yesterday's early morning BKS trade... (at home before open) BKS (Barnes & noble) releases earnings warnings... hmmmmm.. good buying opp, but probably not now... put on watch list for IRA... patting self on back... (half hour after open) hmmm... i wonder what bks is doing... nothing? hasnt moved.. must be halted... ill keep an eye on it... if it stays here, could be good play... check chart... hmmm... declined before this... maybe bad news already factored in... (bks opens at 33 or so)... 33... that's below the previous 36, i think ill buy some... [this is where i think i went completely insane] buy order... oh, it's moving up (33 7/16).. i bet it's going to fill that gap.. heh heh, im so good... buy in at limit of 33 1/2... look at quote... 33 with huge ask size... er... order status... order status... order status... i better cancel this thing... order status... filled at 32 15/16... D'oh!!!... ok, no sweat... it should rebound... quick, put a stop!... stop at 31 11/16... quote.. 32... er... that cant be good... quote... 31 1/2.... um... order stauts... order open... er... quote... 31 1/16... uhoh... order status... filled at 31 1/2... shit... quote... 31 3/4... huh?... quote 32... banging head... there must be some kind of electromagnetic activity in Arab that fries my brain cells, cause i could have sworn i used to be somewhat intelligent... hell, i could design a distillation column at one point... but now... sheesh.... Hopefully someone will read this and say "wow, I'm not so stupid afterall!". That's what I'm here for. G llater, Tony B