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Strategies & Market Trends : Trader J's Inner Circle -- Ignore unavailable to you. Want to Upgrade?

To: melinda abplanalp who wrote (8043)	2/7/1999 8:24:00 PM
From: Mike McFarland	Read Replies (1) \| Respond to of 56535

That brings to mind one of my rules...which I know is really just for the position trader and not the daytraders out there--Don't trade in something that you are not willing to own. Whether or not there is any virtue to owning and investing versus trading...well I cannot say. But it calms the nerves, increases the amount of research a person is going to do on a position, and if you fail, at least you can point to the reasons you owned the stock and say, well, at least I did the best I could--it seemed like a good investment, and I was wrong. On a daytrade gone bad I would imagine it is much harder to see where you went wrong. Another thing that seems to help me...is that after I do a trade, or while I'm reviewing a series of trades in a particular item...I'll put up the five year chart of the stock price. This is a good way to remind oneself of the timescales involved in real moves versus the noise of the market. I know you guys here do seem to profit quite a bit off that "noise", and I'm not criticizing daytrading, I just think for some people holding positions a bit longer is better than the day/weektrades. I guss you could call me a monthtrader, sometimes a yeartrader. heheh, a woman's alias--Dawntreader, now what book was that in? A kids book from 25 years ago I'll bet. A gold star to whoever remembers that name.