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Strategies & Market Trends : Technical Analysis - Beginners -- Ignore unavailable to you. Want to Upgrade?

To: Richard Estes who wrote (10616)	6/8/1999 3:54:00 PM
From: Michael Watkins	Respond to of 12039

I used to accept that term "smart money". Now I prefer to think about block trades as simply "big money". There is no knowing what their motivation or emotions are, the overall picture that the chart and indicators provide are the best clues. I have on my wall a chart highlighting the a very poor trade I did once, the worst of my experience, made against every indicator I have since come to trust. I believe at the time I did in fact try to rationalize big trades. Of course, I couldn't hope to uncover what the folks doing the selling and buying were thinking and I paid dearly for the mistake. (The mistake has proven to be one of the best things that could have happened to me in terms of grounding me to basic rules) I'm convinced that real time data, for new folks, is an invitation to overtrade and lose money faster.