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March 25th, 2007 at 3:26 pm
Phil,
Thanks for your article. I really appreciate your full disclosure and honesty. We all learn from this and it makes this a special site.
I’ve learned something (painfully) over the last few months that has led me to form a new personal rule. Never, never go against the market! After long hours of fundamentals research and logical reasoning on the most likely direction a stock should move, I’ve come to the conclusion that there are forces at work in the market that I just can’t fight. Just look what has happened lately when stocks with outstanding quarterly reports tank the next day. And I won’t even discuss the oil trade – supply/demand/price be damned! So I did buy a few XOM puts, but following my new rule, I dumped them with a 20-30% loss. And bought the COP calls. Still have the COPs, with .20 trailing stops. I’m not going to take any more chances. This has also helped me get over a real bad habit I had of holding on to positions, winners or losers, way too long. Now I take my profits, or limit my losses, and never look back. Since adopting this rule, I’ve actually begun to start showing some daily, weekly, and monthly profits. Not going to get rich on these profits, at least not quickly, but it’ll keep me in the game for the days when I can, probably by accident, hit the big ones.
Thanks Phil, for making this site what it is, and I’ll even forgive you for blaming George for every evil in the world :>)