big short on Lionel Richie, lol.

PCFB is crawling all over my resistance line and I can't say for sure if it has broken down.

And Jeff I am "stuck on you"

Jeff,

Lionel Richie is my favorite.

Long : POT
Short :Nicole Richie

Kas

Hello, is it MLM you are looking for?





PS New Thread!


SFM

Jeff,
I too traded this morning. They were stock trades (one option) based on CANSLIM, so regardless of what the Fed's say, I am looking at them as investments and they were great entry points.

I used to like Lionel, but hey, if you like him, go for it. I hear a lot of "Twinkle, Twinkle Little Star and theme music to the movie "Spirit of the Cimmarron."

Long: RIMM (yes, earnings today, too.)

Jeff,
Day trading is a particular point-of-interest for me and I’m curious as to why you don’t do it more often. From what I’ve heard you say in the past about being “the angry trader” and not having the patience to wait for 2 or 3+ months for profits to develop, I would think you’d end up in this camp. Any particular reason why not?

I would have emailed you on this, but the last two have apparently been rejected by INVESTools as spam…nice.

Dave

Michelle,

About the CANSLIM, be careful there. I used to use that methodology and it's okay if that's all you have. But in my opinion the Investools way should be the balance against which all others are judged. Especially since we paid big bucks to learn it. I especially don't like the 8% stop for trend trades. Bigger losses. The IT 1-3% below support is more conservative and works. What prompted this post was that it scared me when you said you plan on holding the CANSLIM stocks awhile. Support is support and when it breaks it may not come back for quite a while. Just be careful. This is the voice of experience. I traded in 2000 and my 'investments' took a dive and never recovered.

Have you gone to the new Trading Rooms? Once you finish all the tests in a course, you can go to the Capstone section in the Trading Room and get into a special site that has practical application with advanced concepts and lots more goodies. I don't know exactly what is there but am almost finished with the tests in Basic Options so will find out soon! There is so much to learn on the IT site that I don't have much time for other methods.

--Patti

Jeff,

I have often thought about day trading but it's a whole 'nuther thing from what I'm told and I feel I don't know enough, nor am I mechanical enough to do so. Is there something (book?) you can recommend on the subject or any wisdom on day trading strategies you can impart?

Btw, Master Talk was good in spite of the usual technical woes.

How 'bout SWIM catching a bid today. Give it up for Jeff...

Dave

Patti,
Thanks for the warning. No, I am not going to use the CANSLIM method for exit strategies and such. They are just to pick good fundmentally strong stocks, BUT they have to also fit my technical trading style. I will still put support and resistance and price action into play. I just am trying to find stock plays for my 401(k) that hold up in the ups and downs. I have gone all the way through the Ph.D. program except for some of the advanced options. I feel like I had better be profitable with basic option strategies before using those anyway. Thanks for the concern, though.

Michelle

DG,
"A Beginner's Guide to Day Trading Online" by Toni Turner is a good one to start with and it's a favorite of the Shadow as well.

Dave

SWIM must be Investools stock. Looks like a put play to me. Although, I like the program, wouldn't touch the stock. I am sure there is some inside joke I'm missing, Dave.

Michelle

New Thread....


liz

Dave,
Thanks for the book recomendation.

Re "new thread" (thank you liz) I always feel like Alice in Wonderland at the tea party..."Clean cups...clean cups...everyone move down a seat".

For Day Trading, check out the book by "Mastering the Trade" by John Carter.

He is good and focus on rules and psychology(as Jeff always does).

I read his book and doing my day trading for last two months on futures. But still break even.

Keep in mind, Day trading requires different kind of mind set and tools. DayTrading is just income strategy but Jeff,Alan and Kelly's method (MasterTalk instructors) is more of wealth building strategy.