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Strategies & Market Trends : Market Gems:Stocks w/Strong Earnings and High Tech. Rank
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To: Amy888 who wrote (26618)3/9/1999 11:02:00 PM
From: Jenna  Read Replies (8) of 120523
 
You have to simply look at the profit and not at any timetable.. Perhaps it stems from my 14 months as a daytrader or my 10 years as independent investor, but my problem has never been holding too long (obviously CNET, CMGI (not GNET however) seem overextended at this but leaving a bit too much on the table. I can't understand how you can leave 10 or 20 points on the table at the end of uptrend point. I also find it very boring getting into stock for just 1/2 or one point when you can get a lot more.. Scalping is not worth it for me, I'd rather go for the bigger fish than get a lot of guppies.

When I entered CMGI today I was fully prepared to exit the same day, although I waited a little too long and missed a few more points. Indicators are not perfect but they can and do signify the end of a phase of the uptrend. There is no getting away from at least some reading of technical analysis strategies. You don't have to be writing formulas and calculating your own trading systems and you don't need to bore yourelf with textbook dedicated to a single indicator (unless its volume or RSI which I like)

I never needed to do any of that to make money... I little backtesting and some tried and true strategies will do fine, especially if you have the good stocks to start out with.

My old friend who has been trading for 20 years makes about 3 million a year trading with a trading portfolio of 100k. He trades the 7 day moving average theory and holds his stocks from 2 days to about 10 days on average. He is softspoken not a 'braggart' and only uses telescan for all his analysis. he says nothing excited him in years until he saw our earnings plays and that fit in nicely with his trading strategies (very high fundamental strength, high technical rank stocks that are retreating off their 7 or 10 day MA's) during particularly bad downtrends he uses the 50 day moving average.

I model myself after him rather than the trader who is full of theories, glossy analytic terms, forumulas and other voodoo but can't make any money from it all.
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