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Thursday, January 12, 2006
Market Recap
We hope you were able to read this morning's pre-market alert mentioning that markets are rarely up 8 days in a row and Nasdaq's 7 day winning streak. We said that the market was due to pullback, we expected this to happen today, and we would be lightening up on some positions to lock in our profits. If you had your stops in place as suggested, you were able to get out of the way of today's expected selling. The Dow was down 81 points with the Nasdaq losing 14 points and the S&P giving back 8 points. Even with the markets red today, there were some big gainers on our Bulletin like: ENER, MDII, MYOG, NENG, and SIGM. AIRM and INSM deserve an honorable mention as well.
Your Best Day Ever? Watch Out!
What are the risks that you will be on the short end of the trade knowing that the person on the other side of the trade wants your money? Maybe they want your money more than you want theirs. Do you have the drive to win? Do you have the stomach for the risks? What are the risks of trading stocks? How risky can it really be?
I know many good traders that have seen $10,000 go up in a puff of smoke during any given period in a stock they thought was a good trade at one point. It is simply unrealistic to expect to be able to trade profitably on every single trade, all the time. Mistakes will be made, lessons will be learned, and money will be lost, that is just part of this business. It is a never ending process where one day is fantastic and the next day, from out of nowhere, the market throws you for a loop.
Everyone has that one fantastic day, week or month that makes them an enormous profit on a few trades. It is the best time that they have ever had. Unfortunately, when that time comes, they feel so good about themselves that they feel they have finally figured out the market and trading has now become "easy".
In fact, the day you feel you have mastered the markets, watch out, because that is a red flag. It is very possible that your worst day, week or month is just around the corner. The day you feel you have mastered the markets is when you get your head handed to you. It always happens when you get complacent and think you cannot be beaten.
I say this tonight because we have had a great first eight days of trading in 2006 and we need to keep from getting complacent. The market is not this easy, and we need to know this so be prepared for anything at anytime.
I'm Sure of Only One Thing
In the years I have traded, I have seen many people come and go. I have seen people make and lose large sums of money very quickly. I have made and lost large sums of money very quickly. I have seen stocks go from less than $5.00 to hundreds of dollars and back again, taking traders and investors for a ride in both directions. And yet, still, in all the years I have been in this business, I am sure of only one thing about the stock market – I am sure that we have not seen it all yet.
A Daily Battle, A Lifetime War
Much like war, in trading, you are pitting your wits against every other person in the market. For every dollar you make, someone else loses a dollar. Our goal at STHQ is to win not only the battle each day but the war over a lifetime of trading. Our members are a team; we trade together and against all other market participants. We have been very successful since our inception but unfortunately our success require others who are taking the other side of our trades to fail miserably. We wish nobody bad luck but unfortunately, the nature of this business requires there be one loser for every winner, if we are winning the war, then somebody else is losing it.
The STHQ staff has a tremendous amount of combined experience when it comes to trading. Our goal is to help educate and provide you with a cost effective service to help you become a better trader. We are not perfect but who really is? We feel our staff does an excellent job of providing our members with an education in effective stock trading techniques and helping them profit from their trading while mitigating their risk. We will try to help you not only keep your cash but put it in a place where it will work best for you. We want you cash to grow into a 100, 200, 300, 1000% or even more return over time using practical trading strategies that have worked for each of us over the years. We will not win every battle, but we will win the war.
Martin Luther King Holiday
Reminder: The Market is closed on Monday in observance of the Martin Luther King Holiday. The next Commentary and Bulletin updates will be on Monday evening.
Today's Bonus Chart
Click the following link to view today's bonus chart in the Public Chart lists:
http://stockcharts.com/def/servlet/Favorites.CServ... (first chart)
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