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Wednesday, February 25, 2004
Good evening friends,
Market Wrap
Green today...and the over sold NASDAQ bounced I as predicted yesterday would happen today or tomorrow. Although not a big bounce, Green is green. Stock trading has been brutal over the past couple of weeks and what few positions we have left are suffering. This is obviously frustrating but these pullbacks are to be expected a few times over the course of a trading year. These pullbacks are not easy to stomach, but unfortunately, they are part of the process of the stock market. Pullbacks are needed to shake out the amateur investors and traders. Making money consistently in the stock market is a difficult task and takes years to perfect. We must accept that these down turns are going to happen and go to cash before the blood hits the street. We did that for the most part. However, I have held some stocks that I originally put on the Bulletin as longer term plays, thinking we could get through this pull back with limited damage. In hind site, that was a bad move; we should have sold it all and went 100% cash.
Trading, your other day job
One of the most fulfilling days in your life is the day that you decide to give up the “rat race” and head out on your own path. We've had a number of members leave their former employers behind to start trading full time. It may be a bit hard to fathom with the markets trending the way they are right now. But, it is entirely possible to make it through the “bad” times if you know what you're doing and profit when the market is “good”.
Cash is King
I've said a number of times that we don't want to buy or sell stocks just to be trading. There are times, such as now, when cash is king. A professional trader knows that they can sit on cash and wait for the right opportunities to come, rather than trying to make money each day the market is in session. If you try too hard, you will end up failing.
‘Chair stuck to butt syndrome'
I've seen this come up quite a lot recently. If the market is not performing well, these are the times when you should be out enjoying life, instead of fretting over your portfolio. One of our faithful friends, Monika, will often pop in on a bad day in the market to say “hello”, and to let us know that she's off to watch a movie or to go out to lunch. She has a very healthy attitude towards the market and knows that life was meant to be enjoyed, even on the days when the stock market isn't performing.
Use the Bulletin Wisely
For those of you who aren't prepared to leave your ‘day job' to trade full time, the Bulletin is the best place for you to focus. Don't worry about the intra-day Alerts as much. If you have a job where you can pop in and out of the market without risking your job, then it's okay to keep peeking in. However, do not be trading at the risk of your livelihood. Your income is your greatest source of wealth whether it's trading stocks or working for someone else 40 hours a week. So how do you stick with TWPD and make a go of it? Use the Bulletin. I talked about the Bulletin just the other evening. It is given to every member well in advance of any Alert that I might send out. You have the opportunity to spend some time each evening to go through the stocks and pick out the best looking charts or the strongest fundamentals you see.
You don't have to be a day trader to make money in the stock market. Most of our stocks won't be intra-day trades so Alerts shouldn't even matter. We were lucky with CLN yesterday for a quick 13% pop but that was a very rare day trade for TWPD. We don't normally sell a stock the same day we buy it. Most of our stocks will hit the buy point and then run up from there (in a bull market of course). In fact, we've ended up selling some of our stocks a bit prematurely. I'm a profit hound, I like taking money out of the market and this has me selling some of our picks when there's a nice, profit to be had. I say, "There's never a problem with taking a profit."
I get a great feeling when I receive a note from someone who has just quit their job to trade full time and they tell me, “They never would have been able to do that if they hadn't of found TWPD”. It's my goal to hopefully get everyone into a position where they feel they can fire their boss and trade for a living. In the mean time just remember, you can use the Bulletin to locate great stocks in up trends (or conversely, great shorts in down trends) and you don't have to be tied to your trade screen all day.
One of last night's OTC BB stocks GETC was up 21% today. Some other OTC BB stocks for your watch list are ZKID, GPTC, GUSH, ENVA, and NXUS.
As always, thank-you for your support past, present and future! Have a great night everyone; we'll see you all Thursday evening.
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