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Strategies & Market Trends : Trader J's Inner Circle
NVDA 180.94-1.5%Dec 11 3:59 PM EST
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To: Jon K. who wrote (10671)3/6/1999 2:01:00 PM
From: Ron McKinnon  Read Replies (4) of 56535
 
#6

the real last one

this guy wrote this back in 1968
still true today
most things never change

Lange's Trading Guideposts

1.
Buy only stocks that either the investor or the research department
know thoroughly and where up-to-date information and opinions are
readily accessible.
2.
Do not take extreme positions.
3.
Buy stocks only when the technical pattern confirms fundamental
judgment.
4.
Sell quickly if the stock does not act as anticipated.
5.
Do not be afraid to buy back quickly if the stock continues to act
exceptionally strong, even if it is higher.
6.
Do not ever become overly enthusiastic despite what current trends
appear to be (lose objectivity).
7.
Do not ever become overly pessimistic despite what current trends
appear to be (lose objectivity).
8.
Do not overtrade.
9.
Act according to your convictions; learn to trust your doubts as well
as your expectations.
10.
Seek to buy strong stocks on weakness.
11.
Seek to sell strong stocks on strength.
12.
Anticipate at least 10% to 15% after commissions.
13.
Trade evenly; doubling up on a new position to offset a prior loss
may create additional problems.
14.
Be patient.
15.
Try to trade with the market trend and not against it.
16.
Do not attempt to squeeze out the last point(s) on either the buy or
the sell side.
17.
Tentatively know where the market can run into supply or possibly
meet support.
18.
Tentatively know where the stock can run into supply or attract
support.
19.
Let profits run; limit losses to a predetermined price and/or
percentage.
20.
Determine what industries and issues are the current market leaders
-- often invaluable since a basic understanding of general market
conditions can be quite beneficial in anticipating market trends and
reversals.
21.
Remember the market may do the unexpected.
22.
In an up market, the trend probably will at least continue into early the
following day before any reversal.
23.
In a down market, the trend probably will at least continue into early
the following day before any reversal.
24.
Commissions are a small price to pay for preservation of capital.
25.
Do not overstay trading positions -- greed is a trader's constant and
greatest enemy.
26.
Do not trade on tips.
27.
Do not short stocks that are heavily shorted unless perhaps the
downtrend is well defined and preferably in a down market.
28.
Hedge strong stocks by selling a portion on strength and buying back
on weakness, particularly in an up market.
29.
Do not fight the tape.
30.
Do not let interpretations of market movements by the writers of
leading financial publications distort your thinking.
31.
For the minority to make money on the shorter term, the majority has
to be wrong.
32.
Do not become excessively keyed to the fluctuations in the popular
averages; concentrate on the trends of individual issues.
33.
Lighten commitments in a down market or in a market that appears
"toppy" after an extended or rapid advance; it is important to
preserve capital during uncertain periods.
34.
Learn by mistakes.
35.
Do not look back (in a wishful manner) -- can easily distort current
and future judgments.
36.
Study your own weaknesses.

Fred W. Lange -- November 1968

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