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Tuesday, March 30, 2004
Good evening friends,
Market Recap
Today was another green day for the markets. This is getting to be a habit lately, but do not get too excited about it yet. As I mentioned yesterday, the NASDAQ has some resistance just ahead, and the volume on these up days has been less than stellar. Nevertheless it was certainly a busy day at TWPD. I think we set record for Alerts in one day (11 Alerts). I do not mean to send too many Alerts, but sometimes it just happens that way when there is a lot to watch.
Use Alerts Wisely
Remember, you do not have to act on every Alert. If you do not want to receive the Alerts by e-mail, you can always shut them off using the feature on the website. Some choose to not trade the Alerts and prefer to check them on the site each night. That is fine too; the service is much more than just the Alerts.
Buying Longer Term
If you just use the Bulletin and follow the buy points listed, you can set stop and limit orders and not even be near your computer when they fill. This method works best in a market trending up and not necessarily in a side ways market. But I am confident that if you are buying for the longer term, some of the stocks mentioned on the Bulletin will be very good to you over time.
So just remember do not feel overwhelmed if you are receiving many e-mail Alerts. Usually I am only following the buy points I have specified in the Bulletin the night before or even days before. You have the opportunity to buy ahead of me if you so desire.
Long and Short of Things
You will notice I am taking both long and short positions. It will be this way until the NASDAQ can find direction. Shorting may become more important in the next few days as the NASDAQ hits resistance and falls back. The NASDAQ will probably not break through 2010-2030 considering the anemic volume it has had lately. I will look to short this strength and look for another pullback soon. Keep tight stops on all positions, short and long.
What Are Your Trading Habits?
Do you take a profit the second one is available, only to see the stock climb higher?
Do you panic and have thoughts of selling the second a stock moves slightly against you? Do you put too many eggs in one basket and end up with an omelet every so often?
Habits are not formed overnight; they take months or years to create. The problem is that too often habits become your will, and habits are hard to break. It can have a negative effect on your life and on your trading, if the habits are not the right ones.
Every January people set out to change their lives by taking up a New Year's resolution. More than 90% of those resolutions will result in failure by February of the same year. Change is hard, and most people would rather take the path of least resistance than to make a change. If you are one of the few who can set their mind to make the change and then see it through, you have got the best foundation for ensuring all of your habits are in line with your goals.
Change takes time and commitment. We are all committed to making money in the stock market; that is our goal. Now, what about those potentially fatal habits?
Check and Reflect
Take some time to reflect on what you consider to be your potentially bad trading habits. Write them down, and keep that list next to your computer. The next time you are considering a trade, run through your habit check list. If you are about to violate one of your bad habits, you need to think hard about what you are doing.
I suggest keeping a list of your stock purchases also. If you are going to go ahead with a trade knowing it is a bad habit, write it down (Stock symbol, date, price, reason for action). That way you have a record you can refer back to. Once a week check your list and reflect. Is the stock you sold for a loss much higher than it was when you sold? Is the stock you decided to take a profit on up significantly from where you sold for a small profit? Is the stock you held, down big after falling through support?
If the answer is “yes” to any of these questions, then you have a bad habit that needs to be corrected. Go back and put a tic mark by that habit you have by your computer. If you made the right decisions on the trade, then you could put a smiley face next to each habit you thought twice about and changed. Put a frowning face next to those that you went through with anyway even though you knew it was the wrong thing to do.
If after a couple of months you have a bunch of faces smiling at you, you know you are headed in the right direction. If that list is frowning at you, are not changing any bad habits.
This is not easy, but it is worth the time you will take if you decide to do it. We all have bad habits and I am sure we all say to ourselves how much easier life would be if we could just change ‘this' or ‘that'. So, why not take some steps and commit yourself to change? The sooner you do that, the better you are likely going to feel, and the better shape your portfolio is going to be in.
OTC BB Picks
The OTC BB's stocks keep running. I found more tonight for your watch list. GDLS is amazing, hitting a high of .94 today. GDLS was mentioned 2 nights ago at .25 and is now up over 200%. SPHC is still moving up. Others include PLKC, IACH (up 15% on heavy volume since listing here yesterday), CCHI, IPVO, PRGF, PRXX, and ULTR.
As always, thank you for your support past, present and future! Have a great night everyone; we'll see you all tomorrow evening.
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