START WITH A PLAN! ~ position size
~ entry point
~ stop-loss
~ profit point(s)
~ trade stocks you follow
STRICT STOP LOSSES!
~ losers are inevitable
~ keep losses small
~ don't 2nd guess or over think.
~ SELL it and move on.
ANTICIPATE EVENT OUTCOMES!
~ know what's coming.
~ Weekly Economic Data
~ FED meetings & earnings reports
~ consider market reactions
~ have a game plan for either
~ play the earnings game
STAY TECHNICALLY ALERT!
~ watch recent highs and lows
~ follow moving averages
~ know specific retracement levels
~ Fibonacci / Diponacci ?
~ end of month, options expiration
~ holidays and market hours
~ Go with the FLOW.
HEDGE DURING UNCERTAINTY!
~ know your enemy(s)
~ have a "pair" in mind before
~ be quick in and out
~ not losing money is a win!
~ don't over hedge, downsize instead.
WATCH OTHER MARKETS!
~ major currencies: dollar, yen, etc
~ commodities: gold,sugar,wheat,etc
~ bond yields
~ overseas markets
~ Wife at the Super Market.
PROTECT PROFITS!
~ lock in 5% - 10% moves
~ use trailing stops
~ don't be afraid to reduce size
~ NO "playing with the house's money"
~ it's yours! ... keep what you've made.
HAVE FUN!
~ keep it simple
~ enjoy yourself
~ eat right/drink water
~ slow down
~ remember to BREATHE!
STAY FLEXIBLE!
~ use emotion as "a tell"
~ change directions frequently
~ pay commissions, not losers.
~ keep sufficient margin available
~ cut losses, keep gains!
USE YOUR RESOURCES!
~ Research, Research, Research
~ make watchlists & back test ideas
~ join communities: StockTwits.com
~ read trader blogs: MarketRoll.com
"What you focus on, you find in 09"
Posts
24 comments:
cool post. Happy New year! I'm ready to make big money with BOTD in 2009!!!!
thanks RICK.
ohhhh 9! ... time to shine!
STRICT STOP LOSSES!
~ losers are inevitable
~ keep losses small
~ don't 2nd guess or over think.
~ SELL it and move on.
what percentage of a loss do you sell at?
depends. right?
3%, 5%, 8% or 10% sometimes.
right below a pivot point, retracement level, etc..
maybe at the $1 or $2 mark, say for a $22 stock.
just pick something that makes sense for that specific trade. set it, know it. use it. Shazam! LOL.
Thanks for goods post.
The best summary for "trader's life" which I saw for this year.
Vlada
How long are you holding PBR when you say full extension?
Just started paying attention to daily trading in mid October. Realized total gains of 16% doing short term trades since then. I am trying to refine my skills and save on fees. What are the primary tools you use for charting, trading, screening stocks, finding good buys, keeping expenses down? I am using etrade and commissions hurt (-3% on my gain). Following stock twits. But I have a day job I need to pay attention to!
Historically have been a Benjamin Graham devotee using buy and hold. Short tem is definately more fun and exciting. Age 58. I have definately found my post retirement hobby (5 years down the road)! Maybe I can accelerate the retirement with more success.
AMZN !!!!
Good post BOTD.
What's your take and position on JRCC?
FAZ NEW 52 WEEK low
JRCC we are off, had to add ANR calls as a hedge.
the move:
short something, buy jan calls against it.
"calls of confidence"
the short won't expire. in time the dow will hit 5000-6000.
win in the short term, win in the long term. GO TEAM!
buying more FAZ when WFC hits $35.
the end.
I am off JRCC too. But I shorted much later and at a higher price than you.
thinking about COF puts, waiting for COF over $35.
BOTD, That's a good tip. COF down and up - swing seems to be the trend.
30 Jan puts at the Opening on Monday!
BOTD, whats the plan w/ FAZ??
STOP asking BOTD about FAZ.
He just said, "buying more FAZ when WFC hits $35. the end."
He's been saying that for a month. WTF else do you need!! LOL.
everyone who followed botd is down 30% in faz 55, plus all the other short like srs, putsetc.
so i think they are some what worried
they just want to hear from botd from time time
.... market turns on the "O" top.
Obama Inauguration Day.
Jan 20th, ✌ ☮☮ 9
Mark Aggerbeck...
Check SogoTrade.com. I've been trading on it for a couple months, first 100 trades free, then just $3 a pop. The platform is pretty good, portfolio & trading-wise, but I'd recommend not closing your e-trade account, keep a couple dollars in it so you have the streaming quotes of your watch list. They'll be offering option trades soon too, from what they told me they'll be low cost too... for now I use sogo to go long and short and e-trade for options trades.
@buyothedip,
Buying $ery on the dip tomorrow morning :)
time to get longERY at 33.33$
ANR calls, HK calls, PBR!
AMZN calls, AAPL calls.
GREEN GREEN GREEN!
Greg's conversation with his creditor.
Spent an hour on the phone with BofA credit services just now. They offered a settlement of 15 cents on the dollar, or $8,800 vs $59,00.00 if I come up with $685.00 today and pay the balance in the next 6 months. I told them to pack sand since all I can pay them is $100.00 a month. They said borrow money from the equity in your home, I said, "sure, as soon as I make payments on my BofA 2nd mortgage that I am $10k behind in I'll get right on that" oh, and by the way, my shithole is worth $200K less than I owe on it. Then they said how about cashing out your retirement, to which I said "already did that 10 months ago" then they said how about borrowing money from family / friends, to which I said "my mom and dad are dead, my wife's dad is dead and my wife's mom is 66 years old and working two jobs, and my all of my friends are losing their homes" I also added that "although this is a generous offer, I have nine other creditors that have made similar offers and if I accepted them all, I would need to come up with $38K in the next 6 months, which after taxes is more that my entire income for the year, so how the fuck was I going to feed my kid and keep the heat on?" to which he replied, "I see your in a bad situation, you can expect to see a notice from your employer regarding wage garnishment" to which I replied, "that's fine, you can expect to see me filing for bankruptcy and you getting absolutely nothing because you wouldn't take the $100.00 a month I am offering" to which he replied, "sorry we couldn't come to an agreement" I told him "thanks for nothing and wasting an hour of my cell minutes and hung up.
Living the dream...
Post a Comment