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Non-Tech : Bill Wexler's Dog Pound -- Ignore unavailable to you. Want to Upgrade?

To: F. Lynn who wrote (122)	3/6/1999 5:18:00 PM
From: Nazbuster	Respond to of 10293

It takes me several times of making the same mistake to get it through my thick skull that I need to change. <GGG> I held UTI from 19, CREAF from 28, PAIR from the 20's. Took big losses. I now believe it's important to set percentage limits for losses which I honor unless there are compelling reasons not to. For example, I took a big loss shorting VISX the other day when it hit my mental stop at 85-86. I still believe it needs to pull back from a 25 point rise in a couple of days, but it hit my stop so I got out. Well, in the two days since exiting, I've had three successful trades which yielded profits exceeding the loss by $3000. I was out of margin while in VISX. VISX is a good company with a niche product which is doing well, but profit taking ALWAYS occurs after big runs when the story is no longer in the limelight. It's all in the timing and I was wrong on the timing. Getting out at my stop point was the best policy because it let me move on to several successful trades.