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Strategies & Market Trends : Trading For A Living

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To: Dave Twibell who wrote (8)	5/21/1998 2:56:00 PM
From: R Stevens	Read Replies (1) of 1729

"There are always opportunities to make money trading" Absolutely true...I try to keep this in mind, especially when I feel like I missed a good entry point on a trade yet I am still tempted to get in. Don't do it. Wait for the next obvious good entry on the same trade or find another trade and get in at a good point. Patience pays big returns in money and peace of mind. (I hate it when a trade goes against my position and I have lost money. Now I have to decide whether too sell or hold. To avoid that experience I try and only enter a position from a very favorable point where I think the trade looks like it will definitely go in the direction I expect. The first step to achieving this is the patience required to wait for that moment. My friend didn't make one trade all last year until June. Five months! But from June to Sept he was up 70%. Look at last year's chart again, he had the trend of the market adding to his skill at picking stocks to buy. That is an extreme example of patience but it makes the point.) Last Years Chart: cbs.marketwatch.com

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