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Jim Bishop

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Jim Bishop

Re: Susie924 post# 1

Friday, 12/02/2005 6:07:20 PM

Friday, December 02, 2005 6:07:20 PM

Post# of 249
Some of this may be old, but for what it's worth.

Reminders for myself, in no particular order. Some of the lines are mine, many are gleaned from others.

BEFORE buying, use the TGL checklist, or make your own DD checklist, and follow it!

Learn some money management/allocation. The only sure way I know of, for guaranteeing you will be able to trade tomorrow..........is having CASH available to do so. Don't put all your eggs in one basket.

Don't chase it up. Get it, when it drops back, simply because, THEY ALWAYS DROP BACK, they HAVE to, it is just part of the mechanics of the market maker system, and of course, the inevitable profit taking, and if you aren't taking profits relentlessly, then what the hell are you doing here?

In my humble but useless opinion, the open, and the first 1/2 hour or more, are for SELLING, not buying. Be patient. If it's a gapper and you are not in yet, don't be the bozo giving the gifts to those in the day before. WAIT!

Market order?? It just ain't in my vocabulary. Unless you enjoy getting hosed.

If you have not read books on how the MM system works, I suggest that you do so, ASAP. "The Electronic Day Trader" is a decent one.

If you haven't already, learn at least some rudimentary T/A Go to http://www.clearstation.com to the education section also Big Charts. http://www.bigcharts.com and learn to set up the interactive charts.

A great site, with a learning area, simulators, and much more, is http://www.rookiedaytrader.com

Control greed, learn discipline, set reasonable targets, and stick to them. Ya right, if it breaks xxx it's gone, sure Jim, sure...

ALWAYS reduce risk/reward at the first opportunity. That may mean selling 1/3 or 1/2 a long way from the top, but I'd rather protect my investment, and live to play again, than just slowly let the original pile erode.

A profitable trade, is a good trade.

Get out, when you CAN, not when you HAVE to.

Stocks move in the path of least resistance. If it is hard to buy, it is going higher, if it's hard to sell, oooops it may be too late, and you're a STUCKHOLDER

When you have what you want, take it and run, and don't look back. Don't wait, for the market to take it back.

NEVER let a winner, turn into a loser. But we all do, why? Think about it, one answer, always....GREED!

NOBODY wins all the time. Learn to take your losses, EARLY, don't let them grow, until it's too late.

A big gap up, in the morning, is a gift, ACCEPT ALL GIFTS. Sell into strength. Then buy it back later, on a shake or walkdown if you wish.

MM's biggest trick - making stocks look their best, before they make them move.... in the opposite direction.

Over time, there is only one thing that always works, and that is, dance with what the market likes and make sure you are dancing close to the door.

Volume precedes price.

As long as there is volume, and volatility, $$ can be made, bear or bull.

Timing - all stocks go up eventually, but all stocks also go down, eventually. If you are jumping on those with news, playing the momo's, etc.

http://www.goldenlists.com/index2.html

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