Good morning Michael and Judy,
A few initial thoughts about your posting and Judy's response:
A certain amount of formalization of process as you have outlined is desirable--it will evolve in due course.
It is very important to keep ones goals and objectives, in terms of profit objectives when trading and time-frames in synch--some people trade the fluctuations and do it well, others prefer a slightly longer term horizon--we can't mix these approaches as part of the process of seeking input/participants.
Trading styles/disciplines are also a factor; I will not add to losing postions, others will and have been succesful at it. I cut losses short--others feel differently about it.
Given some of the above, as we identify a potential trade, we need to identify an appropriate entry point, profit objective and the point at which a trade may be deemed to be a failure. Whether one wishes to to enter at the point identified and exit with a profit or loss is an individual decision.
It should be possible to identify a worthwhile trade--and then it is up to the individual whether he/she wants to take the trade. Any decision may be based on one or a combination of factors: available capital, risk involved, ones personal read/comfort level, comfort with the sector, familiarity with the stock, etc.
We should communicate trades that we enter into and exit out of ---- precise mode of communication for doing so needs to be determined. The advantage of using SI, is that it keeps discussions within this forum and offers an opportunity for input from the thousands of people who scan these threads. It also allows everyone to be aware of the inputs that are in play at any point in time. Disadvantages are that it does create more "noise", more time spent responding to others, others who may be prone to trading based on what we may do, etc.
Perhaps we can keep this discussion going over the week-end and see if we are able to achieve any measure of consensus before we go into the specific mechanics of identifying trades, etc
Have a good week-end |
