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Strategies & Market Trends
Another newbie trader
An SI Board Since February 2002
Posts SubjectMarks Bans Symbol
21 3 0 QQQ
Emcee:  Mike McFarland Type:  Unmoderated
Another newbie trader, trolling for any and all ideas!

Last week I managed to lose something on the order of $5,000 in the market as a result of, well, being an idiot. Oh, I'd like to say it was just flabby thinking and bad timing, or that I was just too emotional about trades that were only starting to go bad--maybe I could even blame the loss on my laundry detergent, ha! I was going to put together a nice little story, but here it a nutshell:

Early in the week I moved about 100k into a handful of biotechs and posted a portfolio on my "Thread of Life", the portfolio had a lot of overlap with the new shares. I confidently stated that I was setting a really liberal stop loss, and had no worries. Naturally the puchases were immediately a buck in the red...

Over the next couple days I had a couple of conversations which really rattled me--it seems that there are are still some people out there
who have savings in the market. Incredible. Anyway, while I was under the influcence of a double mocha, and I had the brilliant idea that
rather than hold some positions for weeks to months, I would be a real hotshot and daytrade a few thousand shares of Elan, ELN.

Ha! I opened a level II screen for Elan, and sat, frozen. A deer in the headlights. I had no idea what to do.

And the rest his history. I probably should have made a couple of grand last week, but instead paid a heavy toll on the traders highway.

Maybe I needed a good smack to wake me up.
And with that, I am starting this new thread.

"The thread of life"
My old weblog; mostly useless rambling on my part.
But a few of the biotech enthusiasts stopped by
from time to time, and that was much appreciated.
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21Nevermind. I identified several trading vehicles, wcom, q, maybe my glw...sunw Mike McFarland-2/20/2002
20I knew it! Miss Cleo had to be a stock junkie!!<g> always have fun that&#lee0-2/18/2002
19hey, dude, when you called Miss Cleo over at the Psychics Hotline, actually I amquasi-geezer-2/17/2002
18dude are you psychic?!? yup down at the KaDeWe eating oysters and drinking. i tlee0-2/17/2002
17what did you have ??? oysters ???quasi-geezer-2/16/2002
16yup. sometimes. <g> but it was a great meal!lee0-2/16/2002
15dude, do you have bad luck or bad skills, hee hee hee ...quasi-geezer-2/15/2002
14ok so you did not lose the money day trading. but lost the money because you whelee0-2/15/2002
13Thank you very much, and you can be sure that I am lurking on those active threaMike McFarland-2/14/2002
12Well it sure sounds like you're flying by the seat of your pants. You'rStockOperator-2/14/2002
11Not TA! Seat of the pants madness... Last week I figured I'd put something Mike McFarland-2/14/2002
10Mike, Appreciate your honesty. If you don't mind sharing I'm curious StockOperator-2/14/2002
9#subject-52424 Youre Welcome! JaneJane4IceCream-2/13/2002
8Names for threads: I've been told that "Voyage of the dawn trader"Mike McFarland-2/13/2002
7Actually, the 5k was lost when I zapped a handful of positions that were in the Mike McFarland-2/13/2002
6>> Ha! I opened a level II screen for Elan, and sat, frozen. A deer in thescaram(o)uche-2/13/2002
5Why "sell them next week when the Chinese are home from vacation"? AreMurray Grummitt-2/13/2002
4my god man... did you ever "day trade" before? i mean if some guy neelee0-2/13/2002
3dude, are you serious you lost 5K from your 100K account in Elan ???quasi-geezer-2/13/2002
2The master said... To be able under all circumstances to practice five things coMike McFarland-2/12/2002
1Buy some gold mining stocks today and sell them next week when the Chinese are hDrGrabow-2/12/2002
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