Greg
Good advice. That does sound like a good book. I tried to find it on Amazon.com, but it wasn't in their inventory. I sent them a request by email to try to track it down.
Of the 50 or 60 stories I've heard about successes in the stock market, almost all of them come from people who held their stocks long. Even little ol' Aunt Lucy, who bought blue chip stocks whenever she could and just put them in the closet, only to find that they appreciated over the years to close to a million dollars. It's rare to hear success stories of short term and day traders. Most of those stories I hear are failures.
I haven't been at this game for very long, and most of the positions I hold are long term ones. But, I do like the the things I'm learning about day trading. It's quite a thrill to try to forcast where a stock will go on any given day, develop a plan of attack, then have the flexibility to execute that plan based on information that feeds accross the computer screen. I get together with a good friend of mine, and after a beer or two we talk about fundamental analysis, technical analysis, current events, economic indicators, etc., we come up with an educated guess about what's gonna happen the next day.
I also like the idea of not marrying any of my stocks. I know that the market makes its corrections from time to time, and when it does, hopefully the things I've learned from day trading will help me exit quickly, and be in a position to take advantage of buying opportunities when and if the market falls.
But, I hear what you're saying, and it is good advice,
And I thank you for it.
Larry |
