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Strategies & Market Trends : Group Therapy
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To: Alan C. Zezula who wrote (634)1/26/2000 2:06:00 AM
From: J_W  Read Replies (2) of 4564
 
Hi Al,

My apologies for the belated reply. When the market tanks like it did starting Monday I tend to just post news items relative to the stocks I follow. These dips can be both dangerous and very profitable at the same time if one keeps track of what is happening.

When to sell. That's always the most difficult part of the deal. For me it depends on my reason for buying the stock in the first place. Some are long term positions while others are short term trading positions. How do I know it is time to make my exit? Well for me it is a combination of observing the trading action, checking the charts, gut instincts as well as checking the direction of the wind. Not easy to define. As I read somewhere else recently, it is easier to pick a bottom than to pick a top. Especially when you are dealing with a stock like ELON in blue sky territory. Believe me I have sold many a stock too early as well as too late. I have rode them all the way up as well as all the way down and back up again (memories of LSI in the not too distant past)

Some stocks I will invest in long term. The others I will only trade in. But only if I can determine what the current long term trend is. I like to be selective in the stock I buy for trading purposes. I like to know not only what they do, but how their products/services work if possible. That makes digestion of news on a particular stock faster making the decision that much quicker. That is why I stick with semi, software, hardware technology and avoid stocks like biotech and retail.

I wish there was a simple answer but there isn't. Just recently I sold TIVO at 45 only to watch it run to 78 the next day. At the time I was perfectly happy with the profit I had. I would have liked to be along for the rest of the ride but my instincts at the time told me it was time to leave. So it goes. One thing I always keep in mind though - the market has a lot in common with your local bus service. There is always another one. So take your profits when they are there and be happy.

Jim

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