[ Pobierz całość w formacie PDF ]
.Have good reasons to buy a stock.Is it at the low end of thebetween ten and twenty thousand dollars trading.But I didn't thinkrange? Has it been upgraded by an investment house? Is diethat was okay in the past, because everybody else was making a hun-valuation of die group going up?dred thousand every day.I was the wrong way on the market most ofthe time, my timing was off, and I was shooting to make fifty grand ineach position when I didn't have the cushion if I was wrong.I feel bet-Keeping the Faithter now making ten to twenty grand and sleeping at night.It's easier tobe long if I'm short a couple of stocks.I feel more comfortable if it's"Stay with the winners and get rid of the losers" is a basic tenet.Itbalanced.sounds easy enough to follow, but you need internal strength to do"The great temptation is to try to be smart and short into a rallythis.You can't do it without having faith in your decisions.If you don'tfiguring it's going to turn around and drop.It's hard to go in the direc-build your confidence, you'll let the pain govern you.Some guys blowtion of the market.I could go die flow if I didn't have the fear ofup (lose big).Conrad, a whiz kid who attended New York's Stuyvesantwhat could happen if the market ever went down.I wish I didn't haveHigh School for super-smart youngsters, and who retains a touch of thethat fear."big city's wise guy attitude, refused to cover his shorts when the marketBrent continued, "I've been here for four years.I guess I have beenwent against him.He was still operating out of some grandiose notionafraid that the market's going to turn because I saw it turn once in theof himself based on the past.Conversely, when he was winning he couldpast.I also feel uncomfortable when the success is so easy.The correctnot control his euphoria and often started shooting for the fences.Heway is to buy strong stocks and sell weak stocks, and that's what works,began experiencing wide swings of profits and losses until he finally lostand to buy low and sell high."all of his profits.That's why you have to mark to the market (track your position asTraders like Conrad who don't go with the trend often losea win or loss against the actual value of the stock at the end of the daymoney.They bounce up and down.They think they can outsmart theso you know whether you lost or gained profitability the true mea-market.For them trading is an intellectual game.It's stimulating, butsure of your performance), and know your profit or admit your loss.it's not profitable.They are making it five times as hard for them-This keeps you in the present moment.hiking up the side of a mountain instead of taking theHow do you minimize your imperfections and maximize your po-paved road.tential? How do you ride out your errors and keep your emotions underBrent, an old tape trader I know, had to stop trading against thecontrol and keep assessing reality in order to make optimal choicestrend in order to be more profitable.Since he was getting into troublemore of the time than not? To begin with, as I mentioned before, be Basic Principles 127126 TRADI NG TO WI Nform, they lose their jobs.Chasing the index now won't enhance yourproactive.Have a reason to trade.Take time to research your stocks andperformance against the S&P.It will just match you to it from thisto devise a strategy.point on.The only way to catch up is to buy the dips.The Psychology of Profit TakingPsyching Out the LosersTrading to win is not a perfect game.To be a risk taker, you have to beThe losing trader cannot tolerate the stress of a changing market.Whileable to face the truth and know the odds, even if you've been wrong.focused on disaster, it is difficult to process useful information and toYou don't have to be right every time.Telling the truth is what sepa-trade wisely.Stress also reduces the ability to make decisions.As therates the big guys from the little guys.trader loses, anxiety intensifies, producing behavior that may multiplyTraders may be unwilling to postpone their profit taking in order tolosses.The losing trader increasingly relies on others because of anxietymake a larger profit.They may be unwilling to ride out successfuland cannot make independent decisions.trades.They prefer a sure trade to a fairly safe gamble for a biggerAnother response to loss is to repeat oneself, to make more of theprofit.Sometimes these same traders are reluctant to take a small losssame efforts rather than to step back and reassess.The losing traderand get out of a losing position, or to make a high-risk gamble that akeeps trading the same stocks in the same way.Reliance on memories offalling stock will reverse direction.past trading experiences and remaining stuck in an old trading styleIt's better to sell and take a profit than to hold on to a stock becausekeep one from seeing what is happening today.A trader may put tooyou believe it can't go down.Here, you need to learn that you can al-much energy into trying to protect a losing position, hoping that it willways buy back into a stock you have sold.It doesn't matter what youturn around, rather than saving energy by getting out of the trade.Thedid earlier in the day.If it is going down, it doesn't matter where youunwillingness to face the truth and readjust to the new requirements ofgot in [ Pobierz całość w formacie PDF ]
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.Have good reasons to buy a stock.Is it at the low end of thebetween ten and twenty thousand dollars trading.But I didn't thinkrange? Has it been upgraded by an investment house? Is diethat was okay in the past, because everybody else was making a hun-valuation of die group going up?dred thousand every day.I was the wrong way on the market most ofthe time, my timing was off, and I was shooting to make fifty grand ineach position when I didn't have the cushion if I was wrong.I feel bet-Keeping the Faithter now making ten to twenty grand and sleeping at night.It's easier tobe long if I'm short a couple of stocks.I feel more comfortable if it's"Stay with the winners and get rid of the losers" is a basic tenet.Itbalanced.sounds easy enough to follow, but you need internal strength to do"The great temptation is to try to be smart and short into a rallythis.You can't do it without having faith in your decisions.If you don'tfiguring it's going to turn around and drop.It's hard to go in the direc-build your confidence, you'll let the pain govern you.Some guys blowtion of the market.I could go die flow if I didn't have the fear ofup (lose big).Conrad, a whiz kid who attended New York's Stuyvesantwhat could happen if the market ever went down.I wish I didn't haveHigh School for super-smart youngsters, and who retains a touch of thethat fear."big city's wise guy attitude, refused to cover his shorts when the marketBrent continued, "I've been here for four years.I guess I have beenwent against him.He was still operating out of some grandiose notionafraid that the market's going to turn because I saw it turn once in theof himself based on the past.Conversely, when he was winning he couldpast.I also feel uncomfortable when the success is so easy.The correctnot control his euphoria and often started shooting for the fences.Heway is to buy strong stocks and sell weak stocks, and that's what works,began experiencing wide swings of profits and losses until he finally lostand to buy low and sell high."all of his profits.That's why you have to mark to the market (track your position asTraders like Conrad who don't go with the trend often losea win or loss against the actual value of the stock at the end of the daymoney.They bounce up and down.They think they can outsmart theso you know whether you lost or gained profitability the true mea-market.For them trading is an intellectual game.It's stimulating, butsure of your performance), and know your profit or admit your loss.it's not profitable.They are making it five times as hard for them-This keeps you in the present moment.hiking up the side of a mountain instead of taking theHow do you minimize your imperfections and maximize your po-paved road.tential? How do you ride out your errors and keep your emotions underBrent, an old tape trader I know, had to stop trading against thecontrol and keep assessing reality in order to make optimal choicestrend in order to be more profitable.Since he was getting into troublemore of the time than not? To begin with, as I mentioned before, be Basic Principles 127126 TRADI NG TO WI Nform, they lose their jobs.Chasing the index now won't enhance yourproactive.Have a reason to trade.Take time to research your stocks andperformance against the S&P.It will just match you to it from thisto devise a strategy.point on.The only way to catch up is to buy the dips.The Psychology of Profit TakingPsyching Out the LosersTrading to win is not a perfect game.To be a risk taker, you have to beThe losing trader cannot tolerate the stress of a changing market.Whileable to face the truth and know the odds, even if you've been wrong.focused on disaster, it is difficult to process useful information and toYou don't have to be right every time.Telling the truth is what sepa-trade wisely.Stress also reduces the ability to make decisions.As therates the big guys from the little guys.trader loses, anxiety intensifies, producing behavior that may multiplyTraders may be unwilling to postpone their profit taking in order tolosses.The losing trader increasingly relies on others because of anxietymake a larger profit.They may be unwilling to ride out successfuland cannot make independent decisions.trades.They prefer a sure trade to a fairly safe gamble for a biggerAnother response to loss is to repeat oneself, to make more of theprofit.Sometimes these same traders are reluctant to take a small losssame efforts rather than to step back and reassess.The losing traderand get out of a losing position, or to make a high-risk gamble that akeeps trading the same stocks in the same way.Reliance on memories offalling stock will reverse direction.past trading experiences and remaining stuck in an old trading styleIt's better to sell and take a profit than to hold on to a stock becausekeep one from seeing what is happening today.A trader may put tooyou believe it can't go down.Here, you need to learn that you can al-much energy into trying to protect a losing position, hoping that it willways buy back into a stock you have sold.It doesn't matter what youturn around, rather than saving energy by getting out of the trade.Thedid earlier in the day.If it is going down, it doesn't matter where youunwillingness to face the truth and readjust to the new requirements ofgot in [ Pobierz całość w formacie PDF ]