Spydertrader's Jack Hershey Equities Journal II

Here is the narrative:

 

For those who have had some difficulty with drawing channels, you might review the Channels for Building Wealth v2.2.pdf. In addition, Jack describes the channel drawing process, step by step, in DbPhoenix's Determining Trend Thread linked by Nwbprop in Journal One.

I recommend reviewing the 'Determing Trend' thread first. Then, if you require additional input, review the 'Channels Doc' linked above.

- Spydertrader

 

Thanks mischief. Greatly appreciated.Have you ever thought of breaking up your exit trades in 2 portions ie 1 is a trailing stop and 1 is a stop at breakeven? This might help if 1 is not able to monitor the market at all times.

 

Hi Billp,

I'm not a fan of exiting in multiple lots. Van Tharp demonstrated convincingly (to me) that scaling out reduces overall profitability. I'd rather just take my 10% and move onto the next trade. Besides, the stocks we trade are so volatile that any trailing stop would have to be extremely wide if you wanted to hold for anything longer than a couple of days.

 

Long SIM @ $19.80

 

Hi Spydertrader,

Thank you for producing and maintaining this excellent journal.

I hope you will be continuing this journal next year. If so, will it be possible for you to describe Jack Hershey's methods for futures trading (SCT, FTTs, etc.) as you have so kindly and clearly described his equities trading methodology on the opening post of this journal. It will be most helpful for people who are interested in his futures trading methods to have access to its description in one place and will serve as a starting point for discussion and iterative refinement.

Best regards,
-kk70

 

Next year (2007), I plan to split off the futures Discussion in a separate Journal from Equities. Although the two methods do overlap, having two different threads should minimize any confusion for those at different points on the trading education continuum.

- Spydertrader

 

Ya know Spyder, I gotta say.. you are the man. Your contributions are very, very admirable.

Keep up the great work,
-kt

 

I bailed on SIM at 19.92 for a wash (got in at .91) because I don't want to hold it into tomorrow anyway (FOMC).

Thanks,

TNG

 

Thanks for the kind words, but the real credit belongs to traders, such as yourself, who share their efforts here on a daily basis. In case anyone missed it, Click Here to read another post from Jack where he describes, in great detail, how one should view the market. Instead of the 'gambling paradigm,' try to view the market from a perspective of "taking water from a fountain." Just reach out and grab it.

- Spydertrader