All Entries Tagged With: "Reversals"
Are Sellers Looking for a Catalyst?
September 21, 2010 at 8:44 am
Anytime we see market streaks emerge, we know someone’s been caught on the wrong side.
Monday’s session marked the 12th advance in the previous 13 trading sessions for the NAZ, including nine straight. Breakouts happened across the board, with the summer highs being cleared on solid volume. It almost feels like stocks may never decline again – and that’s a dangerous way to think.
The market will humble traders of all kinds, including bulls who become overconfident. It may not be a life-altering lesson, but in a tape like this, it could be one slip that brings a sudden pullback – even if it’s a brief one.
The technical picture is positive, there’s no doubt about it. We just established higher lows in August relative to July, and we just made higher highs. That’s a shift of trend, not only in the short term of the past couple weeks, but in the intermediate term of the past few months. The bulls are sitting pretty.
Things start to get really tricky though when momentum begins to run a little too hot, which is where we are right now. All news has been good news of late, and the buyers have dumped cash into this market relentlessly since the start of September. It’s been an impressive run, no matter how you slice it.
For a reality check, however, it’s safe to say that all the easy money has been made for this run. The pace is unsustainable, plain and simple. We could push higher from here, there’s no rule to prevent that from happening, but it’s far more likely that we’ll see some profit-taking kick in sooner rather than later. Those who are sitting on profits will be quick to lock them in at the first sign of weakness.
When it comes to excuses, the market is excellent at finding them. Right now, my hunch is that the bulls are needing an excuse to satisfy their urge to lock in at least some of their gains. And with a few key events on the horizon, it’s important that you and I stay on our toes.
Today’s FOMC meeting may be the first possible excuse for some profit-taking. It may not even matter what the Fed does or says – what matters is how the market responds to the news. And if it isn’t today, then there’s plenty of economic news slated for this week which could prove to be a market-mover.
So, I’m on the watch for a possible pullback. If I were predicting, I’d already be short – and I’m not. Instead, I’m watching carefully to see if some selling kicks in, which would then set up a favorable risk/reward scenario for a little round of selling. Here’s my game plan:
The QQQQ has rallied big, not only in recent weeks, but on the intraday chart as well. We have steep uptrend lines on both the daily and intraday charts, and I’m watching them both for downside breaks. First, let’s take a look at the intraday chart. Monday’s advance was smooth, and a break of the rising trend line at $48.70 would likely spark some selling. I’ll go short there with a stop in the $49 area, just above yesterday’s high.
On the daily chart, there’s also a steep rising trend line. A break of that wouldn’t necessarily mean price goes straight down, but it may be a worthwhile short for the nimble to catch the first move. The rising trend line currently stands around $48.30, and a break of that level could bring into play a multi-day pullback. Traders watching the daily chart should keep that level front and center today, and it will climb daily should this market happen to continue advancing. Once it’s broken though, the move could be a swift one to the downside for a quick trade.
Trade Like a Bandit!
Jeff White
Producer of The Bandit Broadcast
Watch JKS for a Lower High
September 16, 2010 at 7:17 am
The run in solar stocks has been an impressive one, although some have gone too far.
One name in particular, JKS, has become rather extended in the near term and is starting to show some telltale signs of fatigue and exhaustion.
Having run from the single digits in July to over $30 last week, this one has plenty of room to correct. The parabolic uptrend may have ended with the combination last Wednesday of new all-time highs and a reversal to finish negative on the day with heavy volume. We then saw downside follow through Thursday and Friday, with the stock dropping a quick 23% off its high.
Since then, it’s been able to rebound slightly, but there are a few issues with how it has happened.
First, price has only recovered a portion of what was given back. Those who bought near the peak are still under water, and therefore could rapidly become sellers if this bounce fails to continue.
Second, the upside volume of the past 3 sessions is still only about half of the heavy downside volume which accompanied the Wed-Fri pullback last week. That’s a negative price-volume divergence, and with this stock possibly topping, it’s definitely worth noting.
Finally, although the stock has recorded advances in the past couple of sessions, the finishes have been weak. Looking closely at the daily chart, the closing level on both Tuesday and Wednesday was well off the session high, indicating a lack of vigor on this bounce.
The Plan
With JKS in danger of creating a lower high on the daily chart, I’m watching the rising trend line like a hawk. This one has ample room to come in, should some selling arrive, and therefore it belongs on the radar for the next day or two in case the reasons for caution listed above causes another round of selling to materialize.
I’m looking to short sell this one if it undercuts the rising trend line, which currently stands near $26.90 and climbs daily. A break of that level could invite additional selling to enter the picture, and we could see the air get let out of this one rather quickly if last week’s slide is any indication.
Here’s a closer look at the JKS chart for you:
Trade Like a Bandit!
Jeff White
Producer of The Bandit Broadcast
Are you following me on Twitter yet?
Why I’m Buying Financial Sector ETF’s
September 1, 2010 at 9:13 am
Financial stocks have been hideous. Banks, brokers, you name it and it’s been taking it on the chin lately. Shorts are getting cocky.
What’s so interesting though is that, like the market, many of these stocks have a shot at establishing a higher low on their daily charts relative to the July low – if this pullback finds buyers.
I should clarify, I was once told that “IF” is a really big word for only 2 letters. That’s true, but let’s look at the financial sector ETF’s, starting with XLF.
By the way, the points stated below also apply to FAS and UYG, which I’ll review as well.
As a technician, I realize perfection isn’t to be expected when looking at a chart. Algorithms and savvy traders alike recognize that the head fake breakout or breakdown can be a fabulous way to establish reversal positions. And this is one such candidate.
With the July 1st low of $13.34 getting broken by a nickel just last week, XLF has stabilized (for now anyway). I like that for a few reasons…
- First, it shook out some traders on that ‘breakdown’ through support.
- Second, it’s frustrating those who got short on the break, providing no follow through yet.
- Third, there’s a downtrend line just overhead which was established throughout August, which if crossed, would provide another technical reason for buyers to enter (or re-enter) the picture.
That leaves 3 potential trader types as would-be buyers if an advance begins…
- Shorts would need to cover.
- Shaken-out longs would want to re-enter.
- New longs would want to establish positions.
So there is some appeal here, on both technical and psychological grounds. Well-defined pivots like this from key zones can produce explosive moves – particularly when multiple groups of traders may be poorly positioned.
The Plan
With XLF churning over 70 million shares on an average day, this thing is not a fast mover. Plus, it’s range-bound with the $15 zone offering formidable resistance over the past 3+ months.
I’m establishing a long position at current levels with an initial stop stop in the $13.20 area (1/2 position beneath last week’s low), and a final stop just beneath the $13 level. That would be favorably offset with a potential move back up to the $15 neighborhood where key resistance resides.
The aforementioned $13 zone offered a multi-month peak back in May of 2009, and there’s an unfilled breakaway gap from August 2009 which could get filled on a continued slide from here. So, I view that as an adequate loss-cut area for this trade.
If this thing is able to gather some traction, I’ll then lighten and tighten (peel off pieces on the way up and adjust my stop accordingly). I’m expecting to be in it for a few weeks if it works, so I’ll be patient along the way.
Here’s a closer look at the XLF chart for you:
Not to be forgotten are the leveraged ETF’s, which offer more bang for the buck. UYG is the Proshares Financial ETF, which is essentially the 2x levered version of XLF. Using the same rationale, I’m looking for UYG to return to the $58.50 resistance area while using a stop of $46 should support happen to get broken solidly.
Here’s a closer look at the UYG chart for you:
Finally, the title of “most slippery” of the levered financial sector ETF’s goes to FAS, which is the Direxion Financial Bull, which is 3x the movement you’d expect to see in XLF. Like the other charts, I’m looking for FAS to return to resistance, which is in the $24 area. Should it happen to break down, a gap fill from August 2009 down to the $16.50 area would be my cue to exit.
Here’s a closer look at the FAS chart for you:
Trade Like a Bandit!
Jeff White
Producer of The Bandit Broadcast
Are you following me on Twitter yet?
15 Questions & Answers
August 24, 2010 at 10:48 am
My recent live interview with Charles Kirk generated quite a few questions. A number of them we were able to address during the chat, but many went unanswered.
If you were in attendance and didn’t get your question answered, look for it below. But even if you weren’t there, hopefully you’ll find this useful to observe. I’m also happy to answer questions via the comments section below, so feel free to post yours there!
Here are 15 unanswered questions from the session:
1. Kevin: Jeff, what timeframe do you normally use in your charts, and do you let the bar close before entering a trade?
- Thanks for your question Kevin. I focus on the daily charts for swing trades, and the 3-minute charts for day trades. I don’t wait for the bar to close before entering a trade. That might save me an occasional failed signal, but I feel it will cost me many other trades which work right from the start, so for me it’s worth taking my entries as they signal.
2. Ryan: Do you have any execution techniques that you like to use?
- Hi Ryan! I like to keep things really simple, so I use basic stops for entries and exiting losing trades. That way, once a level has been crossed, a market order is generated immediately and I’m in (or out of) the trade. I’ve tried to get cute in the past with more complicated orders or execution techniques, but in the end it made me no more money and often cost me opportunity (buying breakouts with a limit order, for example, as the stock never looks back). When I’m booking profits, I’ll use limit orders at my targets and let the stock come up and hit me, but that’s the only time I utilize them.
3. Moe: How can you scan the market for setups or make trades when the market is so volatile and so driven by daily events and emotions?
- Yes Moe, it truly is a news-driven environment right now, and it might be that way for a while. I think the key is recognizing that I’m not trying to get in front of any news or predict what news may come along. Instead, I’m looking to put capital at risk when there’s an expected reward, and in order to do that I need to be hitting the charts regularly. Training your eye to do that will always leave you with opportunity, whereas waiting for emotions to settle could leave you sidelined possibly forever. Remember, that emotion and volatility brings with it opportunity. On the flip side, a trendless market with nothing but uncertainty brings with it very little opportunity. Keep looking for trades, and keep your capital moving.
4. Guest: What sectors are you finding most of your trades these days?
- Hello and thanks for your question. In terms of swing trades, I’ve traded many sectors and there really has been no consistency there to speak of. When the right patterns emerge, I take the trades. In terms of day trading though, I’ve focused frequently on the ags, financials, and energy names quite a bit in recent weeks, as they’ve been in play regularly.
5. Jon: Isn’t the general rule of thumb that in a correlation study, most of the correlation comes from selection, then overall market, so what we are looking for in trading is the small fraction which lead the pack on a given day which will then beat just trading the index ETF’s?
- Hi Jon, the recent discussion of being in a highly-correlated market (to the S&P 500, for example) carries with it some weight, yes. And I do agree that what we’re after is to locate leaders and trade them instead of the ETF’s. Keep in mind though that there will always be outliers which exhibit extreme strength or weakness, and those carry with them some real potential for good trades. So, seek out momentum whenever possible, and you should find far better bang for your buck vs. the ETF’s.
6. Sam: Do you ever trade options?
- Hey Sam, I do trade them on occasion. In longer-term accounts, I’ll short puts to establish long positions, then sell calls to collect premium. I don’t do a lot though in terms of directional trading with options. Occasionally when a stock looks to be very high risk, such as BP recently, I’d rather hold options overnight than common, simply to have defined, limited risk. The rest of the time, I’d rather have the shares for the greater liquidity, less slippage, and more flexibility to trade extended hours or pre-market (if necessary).
7. Tom: Do you hold stocks into their earnings report or do you only trade following the report?
- Hi Tom, actually I never want to hold a stock into an earnings announcement. Being a technical trader, it’s important for me that I can use the price action to determine both my entries and exits. That’s technical. When it comes to an earnings announcement, we’re talking about a major fundamental event, and since those usually happen outside market hours, I can’t control my risk. The stock is so likely to gap big after that news that I might have no shot at closing the trade at my planned exit. The excitement of potential ‘free money’ lures many traders into acting on their hunch, but it’s simply a coin toss and I am not about that with my trading. So, I want to stay responsible and only take trades where I expect to be able to manage my risk appropriately.
8. Frenchy: What is your favorite ETF you like to trade?
- Hi Frenchy. When it comes to the main index ETF’s, I like the usual SPY, QQQQ, and IWM. Typically I’ll avoid DIA since it’s only 30 stocks, and that can complicate matters more. In terms of leveraged ETF’s, I’ll go with SSO/SDS, QLD/QID, and TWM/UWM. Those are double exposure, and while there are some triple exposure ETF’s out there, I find the 2x levered funds are enough to provide nice moves.
9. Leon: Do you believe a high volume move to the downside can be a reversal signal?
- Hello Leon, that’s a good question. The short answer is yes, but it depends on how it happens. A stock which has been in a parabolic uptrend will sometimes signal exhaustion in this manner, reversing to the downside on heavy volume. Often, that’s followed by additional weakness. However, a stock that’s range-bound which sees a high-volume decline on a given day may see no downside follow through. So it can happen, but I’d be careful not to put a blanket statement across all high-volume selloffs that they’re reversal signals.
10. Jon: Do you feel price follows volume, or volume follows price?
- Hi Jon, this is a real chicken-and-the-egg topic, and there are cases of both. For example, consider a stock in a pattern like a bull flag. Price is consolidating, but one day edges toward upper resistance on heavy volume. That will many times signal an impending breakout, so volume in that case tends to lead the way. In other cases, price begins to gain momentum, and as the stock gets more attention, the volume naturally increases (following the move in price). See CAGC in recent weeks for an example of this. So it can happen either way. Nonetheless, I care the most about price, so if I’m seeing volume kick in ahead of a breakout, for example, I’ll still want to see price confirm that before I look to make an entry. That keeps me sidelined until I believe a real move is starting. Just remember, price is of utmost importance. If you’re on the wrong side of a move, it doesn’t matter if the volume is heavy or not, it’s still going to hurt!
11. Ryan: Do you have any interesting research projects in the works?
- Hi Ryan, actually I just recently completed a huge project with the creation of the Advanced Trading Course over at TheStockBandit University. That was a major project and I put everything I know into that course, so I don’t plan to do any other big projects for a while.
12. Layne: What indicators do you like to use? Certain ones in certain markets?
- That’s a great question Layne. I should say right up front I don’t rely on any indicators across the board, and actually utilize them rather infrequently. However, there are times when they can help in the trading process, so I’ll put them on the chart when it’s appropriate. A moving average, for example, is really only helpful in a trending market. I just put out a post explaining how and when to use moving averages. I will sometimes add ATR to my chart to see just how much (or how little) movement there’s been lately, and that’s another one which has been helpful for me. If anything, the ATR value lets me know when there’s just not enough movement to offer real potential relative to the risk I’d be taking.
13. Jake: What are the setups that you look for on the chart before buying and selling?
- Hi Jake, first I’m going to look for the presence of a trend. If there isn’t one, I’ll take a completely different approach in terms of what types of patterns I’ll look for. If there is a trend, then I’ll be watching for continuation setups like flag patterns, pennant patterns, and triangle patterns. And along with the price patterns, it’s important that the volume activity is confirming the price action, so I monitor that closely as well. Taking note of the rhythm of a trend is another key element, as it helps me gauge whether I should focus more on breakout patterns or utilizing pullbacks to get on board. There are a ton of ways to skin the market cat, but I’ve found it most effective to adjust to the environment you’re in rather than forcing one particular style at all times.
14. Ryan: Do you see the growing awareness and popularity of ‘technical analysis’ translating into an easier market to trade in the future, or a more unpredictable one as more retail money uses the same methods?
- Hello Ryan, another excellent question. Technical Analysis 101 has certainly become more embraced by retail traders than it was even a few years ago, but my response to that is somewhat complicated. First of all, I don’t think there’s a uniform usage of technical analysis methods across retail traders. Take 10 traders and ask them to define a particular pattern, or ask when they should use a particular indicator, and you’re likely to get a variety of answers. So that’s one issue I think that keeps everyone from seeing the exact same patterns or acting on them at the exact same time. Another issue is a bit more vague, which is the program trading we’ve seen such a growing amount of in recent years. Computer algorithms are likely preventing some patterns from fully maturing, or the institutional money heavily fades a breakout, causing many retail traders with tight stops to dump shares, only to see the stock head right back up. So it can be pretty tricky out there, and for those reasons, I do not think the rise of Technical Analysis has resulted in an easier market to trade. Bottom line is, ‘they’ will never make it easy. You and I have to keep paying attention to what’s working and what isn’t, and do more of that which is working!
15. Guest: Have there been any patterns you’re finding that are working well in this environment?
- Thanks for your question, and yes there are. I’ve focused more on trading the rising and falling wedges, as well as the “tilted” trend line breaks (like ascending or descending trend line breaks) for swing trading. For day trading, I’ve looked more for those exhaustion moves where news has caused an overreaction and the stock needs to come back in, so those are the ones I’d say have been most profitable to me in recent months. I also detail the most profitable one in the Advanced Trading Course. The key is to remember that what’s working well right now will eventually morph into something else, so we have to stay on our toes and be willing (and able) to adjust when conditions deem it necessary.
Trade Like a Bandit!
Jeff White
Producer of The Bandit Broadcast
Are you following me on Twitter yet?
Reliable Technical Action
August 12, 2010 at 8:22 am
I was pointed to a post earlier today which I couldn’t disagree with more. The author opined that trading this market is a ‘waste of time’ and that the ‘real’ money won’t be made until a month or two from now.
If that’s your attitude, you’ll be exactly right. Attitude is everything – especially in trading.
Using broad, absolute statements to ignore what’s right in front of you will help you be correct – only problem is, you’ll make no money trading. And isn’t that what trading is about? I’d rather make money than be right.
It’s dangerous to adopt the ‘waste of time’ mentality, now or at any other time. Someone’s always making money, and therefore opportunity always exists. Right now, whether you’re a day trader or a swing trader, this market is moving plenty right now. We just rallied 12% in 6 weeks – how is that not enough? If you can’t pull some good trades during a period like that, then this game isn’t for you anyway.
Beyond that, the technical price action of late has been textbook – does it get any better than that?
We’ve seen multi-day rallies followed by shallow pullbacks, with higher highs and higher lows established along the way. An uptrend line was tested several times before finally breaking Wednesday, and the reversal which has followed has been very decisive. So whether you prefer the long or the short side, there’s been ample opportunity for you.
Here’s a closer look for you:
Finally, don’t be delusional enough to think you can call weeks in advance when a ‘real’ move will begin. Remember, the market caters to nobody. It’s not about being wrong or right on the timing either, it’s more about wasting the time between now and then by waiting and not watching for opportunities which are surfacing regularly.
Stay on your toes out there, and shun all excuses – a lack of success can’t be blamed on circumstances. If you’re focused and you’re attentive to the price action, you’ll get paid for your time instead of thinking it’s a waste.
Trade Like a Bandit!
Jeff White
Trader, Producer of The Bandit Broadcast
Are you following me on Twitter yet?
Homebuilder Stocks on Solid Foundations
August 3, 2010 at 7:12 am
The stock market is often times simply a market of stocks, meaning that it’s necessary to sift through them all in order to find some which appear tradeable.
Occasionally though, we notice sectors moving in tandem, giving us multiple opportunities in the same group. That sometimes gives us a chance to identify leaders and laggards, while other times it shows us greater confirmation that something is developing.
Right now is one of those times for the stocks of homebuilders.
Most of them have similar chart patterns, which is the rounded bottom pattern (or rounded low), and they’re setting up to confirm bullish reversals in the coming weeks and months.
The (Floor) Plan
Moves which are expected to take up to a couple of months is a longer timeframe than I generally tend to trade, but the nature of this pattern is such that it should take longer to play out. So, my plan in trading these is to establish small positions, add to them upon further technical evidence of a trend shift, and manage them as position trades. Because I’m an active trader and expect these to work over the course of a couple of months, I don’t want them on my screen every day. As a result, I’ll be utilizing long-term retirement accounts as the ‘home’ for these homebuilders.
Keep in mind, I’ll be maintaining protective stops just in case these patterns don’t pan out, and I will be starting small and looking to add later. But the technical foundations are there for these longer-term patterns to play out, and I like the risk/reward they’re offering.
Here’s a quick rundown of several I’m seeing…
LEN trended lower from its April price spike to fill a gap from January, which is technically healthy. In recent weeks, the downtrend has stalled as price is stabilizing just beneath resistance:
DHI pulled back enough to take out its December 2009 low, and not by much. That kind of move often shakes out some traders who will now likely add to the strength by jumping back on board if this rounded low pattern is confirmed:
HOV briefly undercut support from early this year on its latest selloff, which was a nasty 57% correction. Price has stabilized in recent weeks with some short-term higher lows, and this one still has plenty of room to rally:
PHM trended persistently lower after topping in late-April, and two positive things have happened since then. First, the decline has made no progress in 2 weeks. Second, a rounded low is in place, which if confirmed, could ignite a solid push higher as this one retraces at least a portion of the May-July selloff:
RYL sold off sharply from its April highs, but for the past several weeks, price has stabilized and established support. A move up through resistance would set this stock on the path toward higher prices:
MTH has found recent support after a big correction, and here again, the rounded low would be confirmed with a move up through resistance:
KBH was cut in half from its April peak to July low, and in recent weeks has carved out support. Price is now beginning to curl higher, and a move through resistance would confirm that:
SPF gave up 58% during its harsh selloff between April and July, but now is gaining strength and looking to accelerate higher if resistance is cleared:
Finally, TOL is looking good after finding support in July and creating some short-term higher lows in recent weeks. A push through resistance would free up this stock for higher prices as well:
Trade Like a Bandit!
Jeff White
Swing Trading & Day Trading Service
www.TheStockBandit.com
Are you following me on Twitter yet?
Making it Back
June 29, 2010 at 7:01 am
Anytime the market makes as big and consistent of a run as it did from March 2009 to the April peak, there’s a growing confidence that invites new money to the game. Those who were completely spooked in early 2009 saw an impressive rebound, not only in prices but in their willingness to participate.
Of course, the longer in the tooth a rally becomes, the closer the end of it naturally gets. That’s unfortunate for some, but it’s simply the nature of risk in the market. After all, those who step out on a limb first will stand to make the most if they’re proven right, while others who wait for more of a sure thing may be among the last to the party right before it ends.
It’s natural for someone who buys at or near the peak to quickly find themselves underwater, and at this point just a short time removed from the April highs, there are no doubt many folks who were late to the party now feeling serious pain.
That feeling of panic has set in for them, and in most cases, there’s no exit plan. The failure to designate a safety net prevents level-headed execution of a game plan, so now they’re forced to think fast in the heat of the moment, sparking a slew of potential mistakes. Making it back now becomes the primary goal, as if there’s something magical about getting out unscathed. Nevermind the fact that the entry was made in hopes of turning an actual profit.
Exaggerating Errors
Traders face this dilemma on every timeframe when in a bad trade. With a negative P&L on the day, week, month, or year, the focus turns from sticking with a strategy to doing anything that might get them out of the hole – and fast.
Along with this mindset comes an urgency factor which may not have been present before – uh oh! The sudden recognition that they might be perceived as having been wrong strikes fear in their hearts and now the race is on to erase the losses.
I’ve been there plenty of times, and it’s no fun. But over the years, I’ve found several ways to reduce the impact of my errors. Here are a few things I try to do when I find myself underwater:
- Slow down. Often times the desire to just get into anything that might be moving means it’s also easy to overtrade. Spinning my wheels won’t help my P&L, and it sure won’t help my objectivity.
- Get selective. Rather than jumping quickly on anything that comes along, I’m going to be much more effective if I wait for the cream of the crop to surface. Waiting for the best risk/reward opportunities to arrive means passing up many other plays along the way, and returning to holding a high standard for where my capital is allocated.
- Trust your method. Some stretches of trading are better than others, absolutely. At times it’s extremely frustrating, while other times it feels almost easy. So there will be ups and downs, but over time my method has served me very well. When I find myself with the wrong color P&L, I remind myself that I’ll eventually get my groove back, so long as I don’t stray far from my style. As they say here in Texas, “dance with the one that brung ya.”
Translation for Timeframes
On a day trading timeframe, it can be tough to take a few hits early in the session. Your confidence gets quickly shaken, and you wonder whether it’s just a tough start from which you can recover, or if instead it just isn’t your day. The key is to avoid emotion-based decisions, which will lower your standard for trades and shift your attention to the money rather than the price action. Never do you want your losses to cause you to force trades, so if that’s your primary motivator, get away and return another day. If instead there are still ample opportunities for good trades, patiently wait for the best risk/reward setups and then make the most of them.
For a swing trading timeframe, streaks will happen where at times it seems you’re on the wrong side in every trade you place. Making it back will take a little longer, but it can be done if you’re methodical about it. Cut down your size immediately while you wait to find your groove, as that will slow the pace of your losses if you continue to time trades poorly. Become selective, because confusion can set in quickly if you aren’t following a clear strategy with a known objective. Patience will be crucial, but it can pay quite well, too.
Finding yourself down in a hole is no fun, but it’s a reality of trading that each of us will face from time to time. So take a long-term view with your trading career, even if your timeframe for each trade is quite short-term. Doing so will keep you level-headed when it’s the hardest, and it’ll make you tougher and better as you find your way back on the right side – and you will!
Trade Like a Bandit!
Jeff White
Swing Trading & Day Trading Service
www.TheStockBandit.com
Are you following me on Twitter yet?
