Timing the Trade the Wyckoff Way Message Board

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Strategies & Market Trends : Timing the Trade the Wyckoff Way

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To: Steve from CA who wrote (13708)	4/22/2015 1:15:51 PM
From: cere0003	Read Replies (2) of 14340

Hi Steve- I've been in the same boat as you and many other people and I feel like I've started to turn the corner. Out of the 10 years I've been trading, I'm on track to do the best. Before I tell you what has changed for me, let me ask two questions and think about them before you go on. 1) How much time over the years have you put into figuring out what the best buy point is? 2) How much time over the years have you put into figuring out how to manage positions for big gains? 3) Does trading/investing in stocks provide excitement for you? I ask these three questions because they lead to what has changed for me. Buying at the right time has never been the problem for me. I've owned BTT stocks A, B and C. (still in C). All of those are over triple digit gains. So I bought the right stocks at the right price. Big gains right? Nope!!!!! I didn't manage them right. Sold too soon. Didn't buy back in. Personally I think Managing The Position is the art that some of the people here have mastered. How many times do you hear someone talk about the less they trade the better they do? It's not that they are in cash more often than the person trading a bunch. They are invested as much, but they are managing better. I have been struggling with #3 and what to do the last few days as it hit the high price target. If it blows earnings out of the water targets are sure to increase and I can make BANK! What if they miss and it tanks 16% like last earnings? As I was typing this it became clear to me. My weakness of managing a winner is rearing it's head again. BTT has simple rules for this situation. If I want their kind of gains and the ones that are life changing, I need to follow their rules. All this leads to my third question from above. Probably 80% of the trading days this year very little has happened to my account and it's been boring. Needing excitement has caused me to over-trade in the past. Even making the decision to sell 1/3rd because those are the BTT rules at overvalued levels is boring for me. I now know that if things are getting exciting for me (besides watching my account grow) I'm probably not following their rules and I'm going to get smacked. For what they are worth, these are my thoughts as someone else who has struggled and is still learning. Kevin

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