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Strategies & Market Trends : Another newbie trader
QQQ 554.20-0.2%Jul 11 4:00 PM EDT
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To: lee0 who wrote (4)2/13/2002 6:20:39 PM
From: Mike McFarland  Read Replies (1) of 21
 
Actually, the 5k was lost when I zapped a handful of
positions that were in the red...to free up cash
that I thought I'd use to trade Elan. I never actually
owned more than 1000 ELN, as I was much to timid to
carry out my idea of going long tons of the stuff.
Although the market has bounced nicely these past
few days, and I am not playing it, I feel pretty
good about sitting out and regrouping. There is
certainly a good chance I do not have the sort of
personality that goes with short term trading.

And...losing 5k in a week is not a particularly
large amount for me. I am sure we can all remember
at the height of the bull market a couple years ago
making that kinds of money in one hour...I know I
did. Fwiw, I have about 300k for 'trading', but it
has mostly been out of the market this past year.
I tend to hold positions for months...hasn't done
much for me lately.

I do appreciate you having taken the time to respond,
and welcome to my thread! Naturally I am not looking
for "hot tips", just setting up a place that folks
can throw out some ideas and conversation, thanks!

My own idea for now...is to mentally remove the 300k
from the trading sphere of things, and perhaps just
start with a fraction of that if I do try to dabble
once again. I also think that one month with no trades
whatsoever is about the right amount of time to sit
in the penalty box...with no more than paper trades.
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