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Tuesday, November 22, 2005
Market Recap
The stock market has been on an unbelievable tear lately, and we have been participating in the gains by being 100% long and even on margin at times. Today we sold some stocks for 10% gains each, and we have a couple more positions on the verge of getting to the 10% mark. We know the market is overbought so we have been trying to lighten up on a few winners lately. Soon, the market will pullback because it does need a rest. That small pullback could happen next week when everyone gets back from the long holiday weekend. But for now, the market rages on with the Dow making another 51 point gain today. The Nasdaq tacked on another 12 points and the S&P gained 6 points. Tomorrow and Friday should be very light volume days. Volume should return next week and it should be heavy.
Learn it all in one email lesson?
Most people are very kind with their email. They will ask a question or two, or make a comment, or ask for a quick critique on a trade. We hear from some more than others, and there are many 'one timers'. Every once in a while, we get ”THE” email - the one that asks ‘can you teach me how to trade?'
They want us to teach them a lifetime of trading tactics in one email and they want it now. They want my answer to their email to unlock all the doors to success and enable them to trade like a pro when the opening bell sounds tomorrow morning. Some have even said “I need to be trading well by Friday because I quit my job this week and I'm trading for a living starting Monday morning" or something similar to that. I cringe when I read emails like this. While I am extremely flattered that some people think I can write a paragraph or two that would change their life, it just does not work like that. Believe me, I wish I could do what these people are requesting. I really want to help them be successful but I cannot do it in one email. Unfortunately, it points out how many people think trading for a living should be: “It looks so easy, so it should be easy. I should be able to be learned it quickly”.
From all walks of life
Our membership includes a diverse group of people in all walks of life. We have doctors, lawyers, airline pilots, photographers, collage students, members of the military, small business owners, stay at home moms, ect, ect.. All of which have primary jobs and trading to them is part time work. I would never advocate for anyone to give up their profession to become a stock trader until they are reasonably confident they can support themselves and their families with their stock trading gains. Trading takes months to learn and years to perfect; it is not something we can teach over night or in one email. Everyone should seek to learn and perfect stock trading on a part time basis while still concentrating on their primary way of making a living, much like a collage student balances their studies with a part time job on campus.
Your Income is Your Wealth
I look at it like this. Your primary means of wealth and security is your income. That steady cash flow each month allows you to support your family and provide you with extra income to trade stocks with. If that primary income stops because you quit your job to start trading, then you have to make all that income up with your trading. That is a lot of pressure to place upon yourself. Before you quit your current profession and switch to becoming a professional trader, make sure you are a “professional trader”. In other words, make sure you have accumulated enough capital from your primary source of income and you know how to manage that capital on a daily basis in the stock market. I would love for all our members to become professional traders someday but I would never advise anyone to do so before they are ready. Your income is your life line, whether it comes from stock trading or another profession and you cannot give that income up until you know for sure you can replace it.
There are many professions and working hard in any of them is likely to guarantee you great success. Trading for a living is no different from any other profession. It takes an ambition to learn and succeed. Only education, time, experience and discipline will make a person successful in any profession. No email reply can do that for anyone.
Important Announcement
There will be no bulletin on Wednesday and Thursday nights this week because of the Thanksgiving Holiday on Thursday and only a half day of trading on Friday. Alan and I will NOT be available for trading on Friday due to the fact that this is a very light volume trading day and we both have plans for the long weekend. Tonight will be the last Bulletin and Commentary for the week. We will resume our regular schedule of updates on Sunday Nov 27th. Enjoy the long Holiday weekend everyone and take advantage of this nice break.
Stockcharts Listing
Please vote for us once a day at Stockcharts.com.
http://stockcharts.com/def/servlet/Favorites.CServ...
Thank-you for voting!
STHQ Chart Index
If you go to the chart index in the left side menu, you can review and study charts we have annotated for each stock listed in the past.
Earnings Calendar
We have added the earnings link for each stock on the bulletin. To access the link for earnings you can either use this link below or click the link on the bulletin for the corresponding ticker. Click the online bulletin in the left side menu for access to the earning calendar for each stock listed. It is not recommended to hold a position through earnings. You can always buy the stock back after the dust settles.
http://www.earnings.com
For New Members:
Please take a moment to read the "How To Use The Bulletin" link at the bottom of the Bulletin page on the website. It is critical you understand how to use this trading tool before trying to trade the stocks mentioned. The effectiveness of your trades will diminish if you do not completely understand how the information is presented.
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