GEMMERS....ALERT!....ANATOMY OF A BAD TRADE
in the last 3 months we have all basically been trading "Hit and Run" trading dictated by market conditions..
nothing has changed one iota as of this writting...in fact i see it intensifying in the days and weeks ahead...
it makes no sense to me to FALL IN LOVE WITH A TRADE/STOCK..
in fact it's the one thing that will always go against you..it always does....when you change your thinking to FIT the percieved situation, to fit your, hoped for senario, you shoot yourself in the foot...
the KLIC trade i made this week..and last, was my worst trade of 3 months...
why???? i changed my trading habits from excellent, to certain death...by doing NOVICE thinking and trading this stock... it cost me a lot of money and anguiwish...
it's the hardest thing for traders to stay the course...
what are you????..please ask your self this question...are you a daytrader or not...make a definate decision because if your vasolating between the two your dead meat...
i chose to be a daytrader...for sure..i love the markets, and my trading life....but i made a horrible mistake..i allowed my emotions to over take my professionalism....
hey what the heck right? after all we are only human???
WRONG!!!!!! this mistake had nothing to do with money lost or made...i broke 3-4 cardinal rules because i allowed them to change me from a daytrader to a buy and holder...
i am NOT a buy and holder...
there is no room for this mistake Gemmers..no room...
i can safely say to you all....if you become a "TECHNICAL TRADER", YOU WILL ENJOY THE MARKETS AS NEVER BEFORE...
this is a business...a profession...it's not a hobby, it;s not gambling, it's the way i make my living...everything i did in that trade was ass backwards...exactly the direct opposite of my rules regulations...
1.-NEVER FALL IN LOVE WITH A STOCK OR A TRADE...
2.-ALWAYS-ALWAYS-ALWAYS USE STOPS...
3.-TAKE LOSSES QUICKLY AND MOVE ON..EXPECT THEM, WE ARE NOT PERFECT IN THAT REGARD...SELL YOUR LOSERS FAST...
4.-DO NOT, I REPEAT DO NOT "HOPE AND WISH" FOR A RECOVERY IN A STOCK THATS PLUNGING..IT WON'T HAPPEN...DO NOT DOUBLE DOWN..NEVER
5.-TAKE NICE PROFITS ALWAYS..NEVER SECOND GUESS YOURSELF, AND DO NOT LOOK BACK...ALWAYS SELL "TOO SOON"...
all of the above happened to me in KLIC...when i first entered the trade at about 55/56 before it ran up to 66 pre earnings...i actually sold some July Calls and stock..
BUT..i had a cycle high that date right on the money..and had a cycle low by WED which we hit...my thinking was flawed becuase even tho i saw almost every stock that reported solid number tank...i thought-hoped-wished KLIC would be different...
so i bought back in as it corrected all the way down...
you all saw what happened even after an incredible esp...meaningless...i even ignored a deadly doji on the daily chart, and 2 consecutive lower HIGHS..check the chart folks...
so what i am trying to say...please...do not do this...
THINK THINGS OUT FIRST..BE REALISTIC IN YOUR GOALS, EITHER IN DOLLARS OR POINTS OR WHAT EVER..how much do you want to make each day???? $4-500 hundred??? $1000-2000?? what???...
and what are you willing to risk to make that kind of money...how many shares should you trade to be comfortable??? 100 500 1000???
GEMMERS.... novice traders make mistakes...not us...this was a stupid non pro mistake....it hasn't happened to me in 3 months...
now it won;t happen to me in 3 years....
think short term..daytrading is for real, you can and will amass a fortune trading for a living...if you can control your emotions, tune out all the rethoric, the noise, and just trade exactly whats in front of you..THE CHARTS...
i think everyone here knows how much i admnire Jenna, as a trader and a stock selector...
i can tell you this much..and please no offense to anyone on this thread...
i want to trade WL & EP's only....why? becuase i trust Jenna..i know her, i have prospered using these stocks..knowing full well they have been scanned rescanned and checked for FA for weeks and months...
i never second guess the stocks FA..i do not check it...
i trade the TA only, knowing full well, these stocks are solid trading vehicles selected by one of the best of the best in the markets...
while each of you may be a good stock picker...i do not know that..i totally ignore anyone thats bring stocks here that are hype...do even give it a thought..forget it..there are very good stock pickers here..each day we talk about those "other" stocks...i rarely trade them...
always happy to give my opinion when asked..but..usually will not trade them...
it's not the stocks, it's the groups astute alerts on these stocks as they get news or breakout or down or whatever that i like...please keep up the good work..after all we are not an island..and need feedback all the time...
anyway..heck i've taken up too much space here...
talk to you later..gotta get some coffee...
reagrds Jerry |
