MARKET INDEX TECHNICAL ANALYSIS - MITA Message Board

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Strategies & Market Trends : MARKET INDEX TECHNICAL ANALYSIS - MITA

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To: Steve Lee who wrote (14953)	11/2/2002 6:17:15 PM
From: High Country Trader	Read Replies (1) of 19219

It's all about momentum for me. Momentum I can see and don't have to measure with an array of esoteric technical tools. Why complicate such a simple game (recommended reading is the Tao Jones Average) Like I said, there was momentum coming off all those failing bottoms mentioned by the previous poster and for better or worse I played them too. This time around we had the momentum on that Thursday and Friday earlier in October. Since I missed the initial move here I played some of it by the lags with the foreign markets and junk and then later added small caps as the Russell 2000 seems to be the one leading now. I could be dead wrong again thinking this is a new bull but all that matters is I exit my positions with a profit. That shouldn't be a problem as long as I don't wake up and find we just had another 9/11. I probably shouldn't get into these debates as I'm a firm believer this game is 90% to 95% psychological and only about 5% about this technical or fundamental mumbo jumbo. It's about how we maximize our winners and minimize our losers. For many trading will never be a long term profitable venture because we have screwed up risk tolerances i. e. we either are scared to death to take the required risks in a trade or we're at the other end of the risk spectrum and go for broke on every trade. At some point trading becomes instinctual based on our accumulated experiences and at least for my type of trading it doesn't pay to think, analyse, or rationalize - just react. Sorry for the psychological mumbo jumbo - it's just I really believe that's what separates the winners from the part time hobbyists.

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