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Author: Lammergeier40 Big red star, 1000 posts Old School Fool CAPS All Star Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 6881  
Subject: Re: True Confessions Date: 3/20/2003 7:38 AM
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Hi.

My name is Todd, and I'm a lousy trader.

In the last 2 months I've blown up over 16% of my total capital.

This is not a paper loss. This is real money that I'll have to work another year to replace.

I have broken every rule in the book:

-I've let losing trades transmogrify into "long-term investments"

-I've anchored on lofty purchase prices for my long positions, and subterranean sell prices for my shorts.

-I've let leverage own me, rather than work for me.

-I've been seduced by the easy money of "free" option premiums, which were anything but free.

-I've been impatient.

-I've been hopeful.

But I also know what to do about it. In the last week I've been cleaning house. Everything in my port gets evaluated as if I bought it yesterday. And if the immediate question is "Why the hell did you do that?", it's out of there. Otherwise I'm asking "Where do I sell or where do I cover, based on where it's sitting right now." Warren, you can have your "Buy, and never sell."

Me, I'm gonna get "Sell!, Sell!!, Sell!!!" tattoeed on the backs of my hands.

Confession mode off.

Todd
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