Cool ....keep elite board for the pro's..egoist I suppose it is a good a way to back out of a challenge as any i guess.... my money is on the kid....go Tradeo
10:21 AM Update: FLOW & DVSA are down more that 2%. BRCD is up more than 2%. Its clear that I'm going to need to add good entry, exit and money management systems when I go live with this pick method. On the plus side, around 52% of my picks are up. It seems that so far, my system is ALMOST as good as a monkey throwing darts (not to make fun of the monkey w/ darts pick method).
Took a look at graph ... FLOW is probably going to go down to 11.50 or so ... seems I get a little dose of humility handed to me on DAY 1.
I don't understand why the hostility against new traders on this board. You were all new once and needed help. Just because you are making money now, it doesn't give you the right to be arrogant. If you don't want to read about this guy, don't.
When I first started, like you, I found many working systems; I put alot of money on those picks and I thought that I'm going to be rich soon. Unfortunately it didn't happen that way, market directions changed so often that I lost all of my winnings and some more. The methods you found may not stay for long, either you put your money in right away or keep on learning to find new wonderful things. One good note though, you are correct about the shoots, most of the time, after the rests the stock will likely move in the up same direction. Take a look at RIMM and GOOG.
I use three trading screens. One to find potential BIG MOVERS, one to determine direction of move, and one to pick my entries and exits. For this test, I am ONLY using the first two (I did not look for entries and exits -- hence, the 42 picks in one day). Actually, exits and stops are something I need to put a lot of work into. Anyone have a good book or two to suggest on the subject? Do you suggest Dr. Elder's book on Entry & Exits?
the psycology completely changes when it is real money on the line. Stock picking is a minute part of all of this. Psycology and your inner deamons are far more important. i dont think you are going to impress anybody with hypothetical paper trades that never really happened.
One of the book that I like was written by Guy Cohen, he used some of the very simple and fundamental methods around. Enter and exit a trade is a learned skill; you have to trade for real to be able to have the feel for the market, and use fundamental analysis to learn about the stock.
Well said. And thank you for your comment. My steps: 1. Get pick system down. 2. Polish my entry method. 3. Learn exits and stops. 4. Money management. 5. Psychology I expect that each step will get more and more challenging, especially when real money is on the line. For now, I learn and make mistakes with paper money, and this has been an incredible teacher.