Thanks, Kavika. There's a lot to be learned from what we do that applies to position trading, but they're also quite different activities... so no Holy Grail here! ;(
You might want to consider eGoose... contact Dan Gibby (www.eGoose.com), he has a swing/position-trading advisory letter that is excellent. They explain the technical rationale/setup/risk-reward behind every trade, and it's light-years beyond those unsophisticated "fax sheet" position-trading services that claim all the good results. Dan and his partners are very sharp and well-seasoned.
We like to trade intraday, and shorter-term on the swings (managing them intraday & overnight with resting stop orders), because it gives us more control over the risk. The market goes through periods where you can really get ripped on the swing-trades, and we are able to adjust to those & still profit by switching to the smaller/intraday timeframes & adjusting our swing-trading to the market-- sometimes switching into scalp-only mode. Someday the market will revert into a clean trend again, so you can just buy a position, put in your stop and trail it -- boy, weren't those the good old days!;) Although I hear that my friend Dave Bush, an ace trader, was doing that this week in the GOLD stocks... it's certainly more important than ever to find the right sector(s) to trade in this market environment.
I should mention, not to sell ourselves short we do a lot of swing (and, occasionally position) trading in our room and especially with our position minder, you could easily swing and/or position trade with us just by checking in during the first and last half hour of the trading session. For example, yesterday we went out long for over the weekend Keithley Instruments (KEI) from 30.87 with a stop just below $29, looking for a $34.50 target (this one is an overnight swing trade). And "the donut puts", KKDRL (Krispy Kreme June 60 puts) from $3.80 with a target (standing limit order to sell) $7.60 on half the position, trailing the rest (this one is actually a position trade). Ed will be posting a full report on Friday's trading activity later today.
Good luck & good trading!, -Steve |
