The 56 Point TA; Charts With an Attitude Message Board

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Strategies & Market Trends : The 56 Point TA; Charts With an Attitude

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To: Steve Felix who wrote (37952)	12/30/2000 10:12:46 PM
From: Doug R	Read Replies (6) of 79308

Steve, Congratulations and thanks. I'm glad to have given you a shove in the right direction. If there is a silver bullet for trading stocks I'm confident it'll be a 56er that finds it. Excane's wife told him that for all he knew Doug R might be just a hamster. Expectations of people who come to the class run a pretty wide range...lol. Now you've hit the level where minimizing mistakes is crucial. There's tons of them waiting to happen out there which is what makes important the fact that there's a community of 56ers now. I always start the first roundtable session prior to class with everyone relating their worst trading mistakes. It gets everyone comfortable with communicating to each other so nobody has to retrace everyone else's errors in their own trading. I'd imagine the most common mistake this year has been buying into a down day without grasping that things can go even lower. The way the market is now, tight, trailing stops are more absolutely necessary for short term trades than they were in the previous several years. As a matter of fact, I bought CORR 2 Thursdays ago at 35 1/8. I made the mistake of not taking the profit as it slid through the 12/21 to 12/27 uptrend line yesterday. Then I got ABSC on Wed at 28 1/8. Sold on Fri at 32 1/16 which was the low end of my target for it so between the two I did ok. I've been waiting an eternity in BONZ from 3 5/8 which appears to finally be reacting to all the positive divergence in it. Patience is paying off there. I thought TUTS would require thae same amount of patience but that one should be a little quicker now. The CANI short is a patience tester but it's an IL violator so I'm not concerned. Like Bdog I did quite a bit of tax-loss selling (some TTEK that I added too high, some MLNM that I added too high, GNLB...ouch and KRT which paid more in dividends than I lost in price drop) so now I have some cash to apply next week. A new year ahead. Happy New Year to all...now lets rock and roll. Doug R

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