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Gold/Mining/Energy : Daytrading Canadian stocks in Realtime -- Ignore unavailable to you. Want to Upgrade?

To: 1st.mate who wrote (14439)	5/25/1999 11:22:00 PM
From: Kevin Hamlin	Read Replies (4) \| Respond to of 62348

Here's a thought to maybe think on a bit. Over the past week or two, I've noticed a few people saying that their "daytrades" now became "investments", i.e., the trade didn't work out, and they're now holding it. I don't do this....anymore....mostly because I personally now think of this as a pretty big mistake to make (of course all in hindsight!). If a trade doesn't work, I now cut and run. Period. If I freeze, hope, pray that it will come back somehow someday, then all I've done is delayed admitting that a) it was not a good trade and that b) I made a second mistake and didn't get out fast enough. I then went on to rationalize to myself that "it really was a good investment too", and therefore could keep it. BULL!!! The truth was, more times than not I felt trapped, and eventually sold out even lower still in despair. Trades are trades. Investments are investments. I go into one for one reason. I go into another for another reason. And if I ever cross them up, I'm only trying to fool myself and somehow lessen the pain of $$$ lost or ego bruised. Sorry if I'm treading on anyone's toes. I've just been there before, know now that more often than not it is a losing strategy, and I take a big gulp when I see/hear others doing the same. Maybe it's just part of the learning curve, and my own curve has taken me to this conclusion. For myself, "cut and run", "make like a thief" etc works better than ever considering that my good trade gone bad could ever really be a good investment, or that I ever wanted it to consider it as an investment in the first place. The "buy" plan is easy. It's the FIRM sell plan (upside or downside) that is the tough one! Make your plan, and stick to it. I know how much of a smooth talker I can be to myself. That firm plan offers protection, not only FOR my $$$, but FROM myself!! Regards, Kevin