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Strategies & Market Trends : Daytrading Psychology
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To: russet who wrote (40)12/3/2000 5:02:41 PM
From: Dan Duchardt  Read Replies (2) of 104
 
russett,

The long list of "musts" in your message runs counter to the thinking of many of the best traders in the business, who believe that all of what you suggest we "must" know is reflected from one moment to the next in the price and volume action of any stock. In fact, knowing all there is we think can be known about a stock is one of the things that can influence us to buck the trend and dig ourselves into a hole. There are hundreds, even thousands of stocks that are now behaving differently than they have over the entire course of their lifetime. I have a few longer term positions in some stocks that I just "know" are in a strong business area and are going to do well someday, and that have a history of huge runups following every decline. Had I not known that and gotten rid of them in the early stages of this recent carnage, I would be able to buy them really cheap now, or when the price action started to show buying interest telling me that others know what I knew all along.

Dan
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