On subject of trading styles:
Like most, I'm pretty happy right now, with recent market spike. William mentioned a few hundred posts ago that in feeding frenzies that TA loses much of its value. I spent a few hours last night studying charts, and it did not do me much good today.
I tried to be clever today, and sold BCST at 131, where I thought there would be steep resistance, with the aim of buying back near the close. Well, I bought back alright, but at around 133. All it earned me was a higher cost basis.
It seems William is right (the other conclusion is that I am a lousy short term trader, and that is probably a factor as well <G>). Kudos to those with the moxie to short term trade successfully- I am slowly getting it through my head that my holding period should be at least days to weeks, for maximum success- to each his own, obviously.
Enough venting; a question for you short term traders- I had a choice between CPTH and WGAT this AM, and unerringly picked the "wrong" stock, CPTH, which moved only slightly after AG told us to break out the bubbly. WGAT, on the other hand, responded briskly. I bought right at close (interestingly, placed market order at 3:56 thru Datek, and only got 1/2 filled- what the hell?), and will likely try to fill rest at open tomorrow. Looking at the charts (forget FA for now), how could I have picked WGAT, in retrospect?
I would love to know when to get off this momentum driven train- with luck, this rally will continue, and perhaps the best policy is to get off in little steps, in weeks ahead. |
