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

To: Trader J who wrote (10661)	3/6/1999 4:37:00 AM
From: Tony B	Read Replies (1) \| Respond to of 56535

JonK - big loss... I have some magic beans to offer... but they will cost you your last cow. smirk Seriously, tho, I think TJ is right. At least have a mental stop that you never lose. If you let the price fall/rise thru that and don't sell/buy you end up risking more than you had first intended with the trade. Then the whole risk/reward formula comes into play and you are probably looking just to get out even rather than lose money. If you knew that entering the trade, would you have entered in the first place? If you know what's happening at the time the price hits your stop, why are you still in the issue? um... That's all the advice I have cause I'm not as eloquent as TJ... Hell, I'm lucky to know how to spell eloquent... I'll be expecting my cow in the mail, if you want them beans... Good luck. llater, Tony B

To: Trader J who wrote (10661)	3/6/1999 4:43:00 AM
From: Jon K.	Read Replies (8) \| Respond to of 56535

TJ, thank you so much for your thoughtful answer. I have printed them and read a few times. I've read your similar postings before but they just passed me by... but now when a loss actually hit me, suddenly those words come alive and DO make a good sense. (A wise will learn before he gets spanking, An average person will understand only after a nice big spanking, and a fool would not understand even after the hit, thus repeats his mistake over and over again. - hope I can at least fall into an average category) You asked me about goals. But when I stopped and think about it, I did not have any goals other than make as much money as possible. I have no idea how I should set goals. (I guess I would be very happy if I can average $300/day) My trading capital is about 50k each for trading and IRA accounts. As you know IRA is for cash account only. I do not trade this account too often. (a month to a year term). With trading account I use margin so I can use up to 100k. I try not to exceed 20k on any one stock. (So only 100 shares of expensive stocks and upto 6000 shares of cheap stocks) On stops: I think I'll have to use actual stops. I did set my mental stop of CNET at 165 (short at 159) but I couldn't pull the trigger. My emotion beat my reasoning in real hot market. How do you discipline yourself? Oh, it's getting late... good nite, Jon