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"Just remember, without discipline, a clear strategy, and a concise plan, the speculator will fall into all the emotional pitfalls of the market and jump from one stock to another, hold a losing position too long, cut out of a winner too soon and for no reason other than fear of losing the profit. Greed, Fear, Impatience, Ignorance, and Hope will all fight for mental dominance over the speculator. Then, after a few failures and catastrophes the speculator may become demoralized, depressed, despondent, and abandon the market and the chance to make a fortune from what the market has to offer."
~ Jesse Livermore, How to Trade in Stocks
I am a money manager working out of a small cabin on my property.
My trading style melds together the market philosophy of Jesse Livermore, Nicholas Darvas, William O'Neil, and many others. I have taken what I learned from them and added to it from my own market observations over the last many years.
Before becoming a professional trader, I completed my M.B.A. and spent about eight years doing consulting work with Ernst & Young, Cap Gemini and Deloitte Consulting. Before that, I spent a few years in the seminary studying to be a Priest.
My weekdays are spent with my wife and children, and in my cabin, where I study the stock market assiduously. Trading is my passion.
I was asking the other day how do you manage your trades are give us an example of one of your past trades....ie..buy all at one time, scale in. This is a personal question, because everyone is different...I just wanted to get an idea.
It all depends. If I am in profit and if everything is in my favor, then I get in very quickly. If I'm struggling, then I move in slowly. Once I get into profit, then I get bigger and move faster.
It's like the card analogy. If you're winning at poker, let's say, then you have confidence and cash. If you get a good hand, you're going to take full advantage. If however, you haven't been getting any cards, then you play more conservatievely until you get a few wins under your belt.
8 comments:
Hey Coach,
I was asking the other day how do you manage your trades are give us an example of one of your past trades....ie..buy all at one time, scale in. This is a personal question, because everyone is different...I just wanted to get an idea.
I got INFA and RVBD on my list too :-)
Do you still primarily buy the breakout and on the exact day it occurs?
Thanks,Ron
Do you still primarily buy the breakout and on the exact day it occurs?
Thanks,Ron
It all depends. If I am in profit and if everything is in my favor, then I get in very quickly. If I'm struggling, then I move in slowly. Once I get into profit, then I get bigger and move faster.
It's like the card analogy. If you're winning at poker, let's say, then you have confidence and cash. If you get a good hand, you're going to take full advantage. If however, you haven't been getting any cards, then you play more conservatievely until you get a few wins under your belt.
The cards analogy is a good one!
Hi ST, I just dropped by to say hello and to see how the market has been treating you. All is well?
All is well!
Hey ST, I missed your posts. I would love to hear your take about the market and stocks you follow from time to time. Thanks
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