Trader J's Inner Circle Message Board

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Strategies & Market Trends : Trader J's Inner Circle

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To: Nicole Bourgault who wrote (12656)	4/14/1999 11:23:00 PM
From: Trader J	Read Replies (3) of 56537

Nicole: Don't beat yourself up too much about it. Each issue is different each time. Although many stocks do follow the same pattern, there is no guarantee what will happen next. I have seen stocks run 45-50 points with almost no profit taking.....but at some point, traders will jump and cause the the profit taking free-fall. I am not a huge Technical Analysis believer. I do follow MACD and Stochastics but analyzing tick by tick trading has never been my bag. I usually let my senses guide me while watching the action very closely. When profit taking sets in, I look for that first bottom and then the resulting bounce. Usually you will find that a quick bounce will be met by selling and the price will return to a point near the first bottom, this is what I look for. If a high flyer can set some intraday, support, I use that support as my entry .... but beware if that floor is broken. That is why it is important to keep a realistic mental or physical stop. We all will and do get caught by thinking an issue has reached its bottom, it helps to know the issue, what is moving it and to have some experience behind you on how these types of issues move. Each trade is a new experience and there is no right or wrong number of trades that you need to become experienced. I know a few folks that have thousands of trades that are only mediocre traders....but find a real student of discipline that learns from each trade and I would much rather have that individual in our "circle". Tony B. here is a fine example of that. A real student of discipline, doesn't always make the right picks but keeps his head in the game and doesn't stick around to see how low one of his issues is heading. We have many good minds here, tap them. Tj

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