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: gunshyinvestor who wrote (13931)	4/6/2016 1:15:38 PM
From: PT1950	Read Replies (1) of 14340

I don't know if this is of any help. After a number of disappointing years I stepped back and took a long look at what I was doing wrong. At the time I knew I was overtrading but that was about the only thing I was certain of. My initial goal was to reduce the number of trades so I put together a simple plan, adjusted it several times until I found one that worked for me. To reduce the number of trades I felt that I needed to focus on a small list of candidates; buy when the market was good; and buy at or near a predetermined price. These are steps of the plan I've been following. Focus on newer BTT leading types with strong fundamentals and which are showing signs of accumulation. Begin buying when the BTT market is moving forward Buy near the listed price It turned out that if I followed this plan then holding onto a position wasn't as difficult has it had been since the number of new purchases were far fewer than I had made in previous years. Their selling rules also helped since they often force me to hold onto at least some of the shares. It took me some time to develop a mindset that would only act when all the steps were met. You might think that following the steps above would be simple to do but it took me more time than you'd imagine to stick to this plan. A couple of other things I've learned about myself that have helped me. One, I can be influenced by the news comments so I try not to listen. Two, for a long time I spent way to much time trying to figure out why I missed a big winner. Not any more. My mindset is I can't lose if I don't have a position. Since I won't buy until all the steps are met, there's no good reason to give any thought to a position I didn't buy regardless of how it performed. Cheers!

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