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Thursday, October 16, 2003
Good evening friends,
NASDAQ 1950!!! Did you ever think we would get there this quick? We are just 50 points away from my 2000 target I set back in June and just 16 points away from a new 52 week high. Even though today was a relatively flat day in the markets, The NASDAQ closed at the highs of the day. A wild swing of 100 points in the Dow today was in the end not much to worry about as this index finished just 11 points into the red.
Bulletin stocks making new 52 week highs today included TMWD, ELC, EGOV, PACW, OPLK and yes, NENG (the King) closed today at 10.00 a share. Take a look at the price of this stock when I first had it in the Bulletin 5 months ago. It's the only original bulletin stock left on our list and it doesn't look to be leaving us anytime soon. This stock is a monster in the making.
For all you new traders and subscribers that are having trouble getting whipsawed out of stocks with protective stops, I know this is frustrating and stops are bad in some cases but for the most part they do protect your capital. Stops in a bear or sideways market work great but they are hard to use in a bull market. Most of the time you will get taken out on the shakeouts and as soon as your stop gets filled, the stock goes right back up. Nothing you can do except form a mental stop in your head and execute the trade if the price gets there.
I'd also like to share something I used to do when I first started trading. I formulated a trade journal to record all my trades. I used this journal to write down all the reasons I bought and sold a stock. Each time I made a trade, I wrote down why I bought it. For example I bought XYZZ today because…… and I would list the reasons such as, Insider buying, good earnings, analyst upgrade, news release and so on and so forth. It seemed I was losing on every trade. Then I started using TA and I kept entering my reasons for buying the stocks. My TA reasons were things like, 50/200 day crossover, broke above 200 DMA, broke above trend line, increased volume by 100%, made 52 week high and so on a so forth. All the stocks I bought using my own TA seem to be going up while the stocks I bought because of news or listening to the talking heads on bsNBC were headed in the wrong direction. I kept this journal for well over 100 trades. It helped me decide to use TA only and block out everything else I hear about stocks. I don't listen to any of those financial channels any more. You don't need them. There are a few I like and respect but these are few and far between. Professor Jeramy Siegal is one I listen to every time he speaks. The TV is on mute all day but when he or Ralph Blauch of Raymond James comes on, I'm all ears. You'll have to learn to separate the BS from the real deal, and for my money, the two mentioned above are the real deal. They both called the bubble in early 2000 and I still remember Ralph's quote; he said “this NASDAQ is on stilts and will fall hard soon”. He also said that “many of the internet stocks would become penny stocks and may never recover”. He was right on the money with that statement. I still remember him saying that like it was yesterday. These stocks were trading at over 100.00 a share at the time. I didn't believe him then but he earned my respect a few months later as I began to see everything unfolding before my eyes. Stan's book helped me take short positions in many stocks and I made a fortune on the short side. Listen to those you trust, read all you can about the markets and how they work, make that trade journal, and document all the reasons for your trades. It's a little extra work but believe me, it's worth it and when you find what's working, you won't need your journal any more. I'll see you all Sunday night.
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