Lenny Dykstra
On Thursday, you were able to see what I call my "Stat Book", which is an addition to my weekly columns. Today I will be introducing a new twist to my traditional Friday column. Due to the tremendous volume of reader email I receive, I will be introducing a column devoted to answering some of the most intriguing questions.
I hope this feature will be helpful in answering some of your most relevant and important questions. When I played baseball, the fans were one of the major driving forces behind my competitive spirit. With regard to investing, you, the reader, are a large part of my inspiration to continue to pick stocks.I've been reading and tracking your recent articles. As a new investor, I have not seen anything about where to set a loss level. Are you setting a loss level? If so, is it automatically triggered or is it intended for a manual review should it reach that point? Overall, what is your track record on your picks? Thanks. -- M.C. Let me answer your second question first. Check out my Stat Book column, which will track my weekly selections. I believe strongly in accountability, and the Stat Book gives you, the reader, exactly that. The column will also provide updates on my recommended selections. That brings me to the answer to your first question: There will be times when we average down for the simple reason that the stock moves against us, so technically, we have reached the next buy level. Everything I do is planned out ahead of time. I only know how to do things one way: the right way. Using my former profession in baseball as an example, the game is played off of the scoreboard, and the same goes for the stock market. I am not up there just hacking away. To achieve the success that I have had takes hard work and discipline. You must have a game plan. My game plan relies on Richard Suttmeier, whom I use exclusively as my technician, and Paul Hollins, my broker at Wachovia, who specializes in financial strategies. Every morning I receive our updated "stock-option watch list." Bottom line: If you want to play in the big leagues, surround yourself with the best people in their field. Staying on that topic: You can sign up for Jim Cramer's Action Alerts Plus right here. Jim has been in the trenches! There is no substitute for that, my friends; he has seen it all.
RSS
