When a player has a hot bat or his jump shot is on fire, a coach will ride that player for all he's worth. After all, if it's not broken, don't fix it. Those ups don't always happen, so you have to take advantage of such opportunities when they come.

Nails on the Numbers

I subscribe to that philosophy -- and I apply it to stocks. When looking at companies to pick for my deep-in-the-money calls, I often go back to the well several times. After all, I have my universe of stocks that I follow, and I generally take my picks from that pool. I am familiar with those companies and how they have reacted to any number of market conditions.

(Remember, for the only place to get my picks, check out my newsletter Nails on the Numbers.)

You may wonder why you shouldn't just hold on to a position for the long term if that position looks like it will make you more money. The answer is simple: My process dictates grabbing $1,000 profits when they come, and I don't stray from that. I follow the rules and collect my money. After all, we are dealing with options that can expire. I'm not looking to exactly time the market at the top. It can be very tricky and not worth the risk.

My approach is not a long-term, buy-and-hold strategy. It's a stock-replacement strategy, and it's typically designed to stay in play for up to eight months only. Recently, I have made some picks that have spanned up to 16 or 17 months, but traditionally I go out in significantly less time than that.

If I finish with a pick and still like that company, I will go back to it, reassess the pricing and then pick it again if I like what I see. Companies in my universe that I have gone back to at some point this season include Delphi ( DFG), United Technologies ( UTX - Get Report), Texas Instruments ( TXN - Get Report), Boeing ( BA - Get Report), Yahoo! ( YHOO), 3M ( MMM), American Express ( AXP), Archer Daniels Midland ( ADM - Get Report), Tesoro ( TSO), International Paper ( IP), Parker Hannifin ( PH) and Garmin ( GRMN - Get Report).

These are all big-league companies that I watch pretty regularly.

In this column, I typically talk only about stocks that I like, but I am going to go a bit off-topic and talk about a private company that I really like. You should check out Market America. This Web site is big-league, and if it ever goes public, I will definitely give it a long hard look.

The company calls itself a "product brokerage and Internet marketing company." It says it specializes in one-to-one marketing. It's a one-stop-shopping destination for nearly anything you might want to buy. It has more than 3 million customers and 160,000 distributors all around the world.

The numbers? This company has generated more than $2.4 billion in retail sales and has more than 500 employees around the world. It has operations in the U.S., Canada, Taiwan, Hong Kong and Australia. This is a major league company on the way up.

Always remember: Life is a journey; enjoy the ride!

At the time of publication, Dykstra had no positions in stocks mentioned.

Nicknamed 'Nails' for his tough style of play, Lenny is a former Major League Baseball player for the 1986 World Champions, New York Mets and the 1993 National League Champions, Philadelphia Phillies. A three time All-Star as a ballplayer, Lenny now serves as president for several privately held businesses in Southern California. He is the founder of The Players Club; it has been his desire to give back to the sport that gave him early successes in life by teaching athletes how to invest and protect their incomes. He currently manages his own portfolio and writes an investment strategy column for TheStreet.com, and is featured regularly on CNBC and other cable news shows. Lenny was selected as OverTime Magazine's 2006-2007 "Entrepreneur of the Year."