|what makes a GOOD trader? some answers from a past GURU.|
had dinner with goingin60 tonight. and we talked about the mkt & the board here.
his answer to being a better trader and person was ACE
Attitude= Danshep55, someone that gets on a trade and sets a goal and 8 x out of 10 gets it or above ( are you getting 8 out of 10 goals?)
Consistency= Speculator, look at the track record. a stock is posted at a low low bargain price, posted higher to show you it wasnt a pump and dump and then posted 300-500% higher to show you what you missed,
Excellence= Gainforbrave, one area. BIOTECH this guy has this down and doesnt flinch from his stance on a stock and you can see that he is riding stocks for 100's of % gains again and again.
don't try to reinvent trading, take the basic skills of a winner, make it yours, making a profit on 98% of your trades is doable. I had 1 wk this yr where I lost money, I was down $2k off my highs because I got too involved about caring about the message board people (who most dont care about anything but their wallets) then I decided to post what I believe and care for those that care about me ( I answer every email I get) and I believe in karma and have watched 6 (so far) attack me and get a permanent ban.....
trading can be easy if you dont try and over complicate it and other than the ACE factor,
***dont buy any stock without knowing the sector
* check avg daily volume/ opening price and yesterdays trading range (low to high)
* check filings and news- (save this link its priceless) http://www.knobias.com/individual/public/quote.htm?ticker=efji
* check your shorts http://shortsqueeze.com
* look at a 3 month chart for support resistance LEARN CHARTS! http://stockta.com/ http://stockconsultant.com/ http://www.finviz.com/
* look at level 2 see where support/ strong resistance is. decide where to buy- where to sell before buying ANY.
* learn the good and bad market makers on L2- its a reality.
* watch a stock for as long as possible before buying- L2 charts........
*learn the pump and dumpers on msg boards and those that have credible plays.
buy enough stock to make a profit with 1 uptick including commissions buy and sell.
I buy with 2 accounts
in order to lock in profits,
I buy 2 accts with 5k or 10k 20k shares, (or more)
when the stock moves .05 or .07 or .10 or? (your decision) SELL 1/2. !!!
now the stock has to fall that amount BELOW your buy for you to lose money.
try to sell on the way up, make your 1st sell point in your head and do it,
dont drop on bid and mess up a good trade for yourself and others.if it keeps going you wont say I missed XX% gain,
if it looks done sell all.
2-3 bad trades in a day? walk away- start fresh the next day.
* after the 1st day spike watch for sellers the next 2-3 days (should hold support) then watch for trend (up if its a good stock)
most of my stocks are traded over and over again as they trade in between support/resistance.
**************************study charts/ compile lists of sectors/ learn level 2-
the mkt has trading times 8 am -10:30 (exits) 11:20- 12:00 (exits) 1:00- 2:20 (exits) 3pm to--4(know when the money flows/leaves)
traders have common mental blocks on the .50 range or even # ( I will sell when it hits....) good to know...
we all have different styles, but some trader has your style, see what they see, do what they do. be a winner.
find someone that is doing well, learn from them,ask questions, the human ones will answer, thank them and grow from it,
we all crawl before we can walk, then run.
if I post a chart with support- resistance- this DOES NOT mean that these areas will hold OR be broken- it means you can trade within these areas and watch for breaks to the upside (or down side) and depending on YOUR risk/reward/tolerance do what YOU think is best. no one should follow me in my trades.
TRADE WITH EMOTIONS and LOSE YOUR MONEY.
Be responsible Read the news check the charts be sure of earnings date, make some money. do NOT buy my stocks posted if you cant hold more than 5 minutes or take a loss.