Archive for May, 2008
Patient Progress
May 22, 2008 at 10:09 am
Developing an effective trading methodology takes time and patience. It doesn’t happen overnight, even if you hit a home-run in your first at-bat. It’s been said there is no substitute for experience, and that is as true in trading as it is anywhere else.
There will always be stories of new traders who had no idea what they were doing who happened to get lucky with a big score early. They are the exception, not the rule, so pay them no mind. The truth is that becoming a great trader and gaining the experience you’ll need is likely to take some time, so pull up a chair!
I’ve always found it interesting how in the trading realm, speed does not necessarily trump wisdom and discernment when it comes to capturing big profitable moves. Oh sure, the gunslinger-type might be able to impress with some rapid-fire executions, but they’re often outgunned by guys who have been around the block a time or two. The point of trading is to make money, so even if your trading style involves the need for speed, remember that it’s going to take some time to formulate your opinion. You might be eager to learn, but be careful not to rush the process.
Truth be told, you’ll be far better off pulling up a seat beside an experienced trader any day of the week than to hear a story from an overleveraged and overconfident new trader who just made a heroic trade. The experienced trader has been around and seen it all, and often times can spot a move coming from a mile away. Plus they have an uncanny ability to sift through all the noise and get to what really matters – gauging the forces of supply and demand. Stated otherwise, they know how to wait on the market.
So as you proceed down the path in search of profits, remember to be patient with yourself. Take it slow if you’re just starting out, and don’t force trades, especially if you don’t have a defined trading plan or method. Preserving your trading capital so that you can stay in the game is your number 1 priority if you’re going to find success in this game.
Observe the market, observe other traders, and always observe yourself. Don’t let your emotions get the best of you – and you will find yourself fighting them plenty! Giving yourself the best odds for success in every individual trade, every week, and every month will leave you knowing that over time you have an edge.
And finally, keep tabs on your progress – not just monetarily, but psychologically as well. If you’ll be honest with yourself along the way about what you’re learning and how well you’re applying it, you’ll shorten the learning curve significantly. The idea is to always be gaining momentum as you progress, just like a good trade!
Trade well out there!
Jeff White
President, The Stock Bandit, Inc.
Swing Trading & Day Trading Service
www.TheStockBandit.com
Blocks Webinar
May 17, 2008 at 11:16 pm
Just wanted to post a quick heads-up here regarding a webinar I’ll be attending on Monday evening for Blocks.
What’s New in Blocks Trader – Monday, May 19th 8-9pm ET
The webinar will be put on by a friend of mine, Worden’s Training Director, Craig Shipman. Craig has educated many thousands of traders on TeleChart (which I’ve used for almost a decade) and now Blocks (which I’m integrating more and more into my research). Needless to say, I have no doubt at all it will be worth attending for some tips & tricks on using this amazing charting software.
I wrote long ago how Blocks would “revolutionize the way stock chartists and researchers tinker with data, because it allows the user to combine data sources all in one place – on the code level.” I continue to be impressed with the way Worden is improving and updating the program, which is no surprise given the tremendous success they’ve had with TeleChart for so long.
To register and attend the Webinar:
Visit Worden.com
Click the Blocks icon at the top of the page
The center of the next page will have the Webinar info.
Have a great weekend!
Jeff White
President, The Stock Bandit, Inc.
Swing Trading & Day Trading Service
www.TheStockBandit.com
Trading Video – The Influence of the Market Indexes
May 16, 2008 at 10:33 pm
Here’s another video of a trading lesson I learned in the market today.
I do my best to stay aware of what the overall market is doing, and particularly the major indexes, because they so frequently have an impact on how individual stocks move. Today’s video discuses exactly that.
Feel free to share it if you’re a fellow blogger, the embed code is on the YouTube page.
Without further delay, here’s today’s video. Enjoy the show!
Jeff White
President, The Stock Bandit, Inc.
Swing Trading & Day Trading Service
www.TheStockBandit.com
[tags]Stock Market, Day Trading, Stock Trading, Swing Trading, Trading Video, Investing[/tags]
Trading Video – Looking for Explosive Breakouts
May 12, 2008 at 9:04 pm
Here’s another video of a trading lesson I learned in the market today.
Because I trade a lot of breakout patterns, the more characteristics I can find which point to an explosive move, the better! Today’s video discuses exactly that.
Feel free to share it if you’re a fellow blogger, the embed code is on the YouTube page.
Without further delay, here’s today’s video. Enjoy the show!
Jeff White
President, The Stock Bandit, Inc.
Swing Trading & Day Trading Service
www.TheStockBandit.com
[tags]Stock Market, Day Trading, Stock Trading, Swing Trading, Trading Video, Investing[/tags]
