XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
- #341
- Oct 17, 2012 11:45pm Oct 17, 2012 11:45pm
- Joined Aug 2009 | Status: Patience = Simplest of all skills | 7,152 Posts
- #342
- Oct 17, 2012 11:47pm Oct 17, 2012 11:47pm
- Joined Aug 2009 | Status: Patience = Simplest of all skills | 7,152 Posts
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
- #343
- Oct 17, 2012 11:49pm Oct 17, 2012 11:49pm
- Joined Aug 2009 | Status: Patience = Simplest of all skills | 7,152 Posts
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
- #344
- Oct 17, 2012 11:51pm Oct 17, 2012 11:51pm
- Joined Aug 2009 | Status: Patience = Simplest of all skills | 7,152 Posts
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
- #345
- Oct 17, 2012 11:55pm Oct 17, 2012 11:55pm
- Joined Aug 2009 | Status: Patience = Simplest of all skills | 7,152 Posts
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
split_unit. you read my mind.
this is the kind of thing that i do.
looking forward to this thread. excellent. finally, a place where i can discuss stocks and futures.
--skynet
A trader of your caliber always contributes positively to all readers knowledge base, exchanging ideas with each other would be beneficial for everyone,feel free to post. I understand that your experienced with penny stocks, this could be a good place to post your ideas, I know people like Xtrade and buma who previously told me they were interested in that type of stock.I will also contribute by looking at your ideas as I believe we are on the same page
Split
- #350
- Oct 29, 2012 3:25pm Oct 29, 2012 3:25pm
Welcome Skynet!
A trader of your caliber always contributes positively to all readers knowledge base, exchanging ideas with each other would be beneficial for everyone,feel free to post. I understand that your experienced with penny stocks, this could be a good place to post your ideas, I know people like Xtrade and buma who previously told me they were interested in that type of stock.I will also contribute by looking at your ideas as I believe we are on the same page
Split
thanks for the words of praise, sir.
i am most humbled.
i dont actively trade penny stocks anymore. the liquidity issue is...well...the problem. committing $5,000 at a clip was really pushing it...maybe, once every two to 3 months, you will see a penny stock that can absorb between 10K to 15k....MOST get wobbly if you buy or sell $2,000 worth of shares. my rule of the thumb is to not exceed 10% of the average active trading volume of the last couple of days. i had to developed tactics of sneaking in and out.
split, i am curious, do you use level 2 data? how about market profile?
" It may mean something. It may mean nothing at all "
split doesnt need this...but other people that may be interested....
stock trading books
one up on wallstreet by peter lynch(fundamental)
how to make money in stocks by william o'neil(fundie + tech)
fire your stock analyst by harry domash(fundie)
you can be a stock market genius by joel greenblatt(stupid title, solid content).[ fundie ]
methods of a wallstreet master by victor sperandeo (fundie + tech)
reminiscence of a stock operator by edwin lefevre.
never got around to reading 'one up on wallstreet' even though its still in my wishlist on amazon.com lol and as for the second book I haven't read 'fire your stock analyst' I will look at it
As for the other 3 books, I most certainly vouch for each of them. 'how to make money in stocks' is an awesome book that I previously recommended on this forum. I also really 'methods of a wallstreet master' which is an instant classic, few authors these days are as revolutionary as trader vic back in his days.
As for Joel Greenblatt and his book 'you can be a stock market genius' I consider it the definitive guide to special situation investing. The book however, isn't for beginners. You need some experience under your belt before your able to take full advantage of the ideas discussed. My trade on PSX which I initially 140 discusses how I entered that trade, I then followed up the post with several other posts to update and discuss my thinking process along with how I handled the trade to the day I exited by outlining my exit strategy. And looking at the stock now, it looks like it wants to go on another rampage higher. I was lucky with this one.
- #356
- Edited 3:11am Oct 31, 2012 12:53am | Edited 3:11am
thanks for the replies, mr. split.
i use t/s too...the stocks market definitely have more info than the forex market. and you are definitely right that after watching a stock for a while, you can sometimes intuitively tell what is going to do. i realized this because i like to clearly write down my rationale for a trade...sometimes, i just "know" that something is going to happen without having a clearly written logic for it.
i believe linda raschke was the person that recommended for day traders to spend a lot of time watching the tape actions of a stock to internalize it...
in fact, there are some people that only trade 1 or 2 stocks..they day trade those stocks...watching them everyday....internalizing her rhythm and quirks....a good example is this lad. All he does, is daytrade APPL(and sometimes RIMM)...everyday, in and out, thoroughly mastering all her naunces....i came across him on informed trades in 2008. he had most of his videos deleted from informedtrades for some business reason or the other.
i agree with you. greenblatt requires familiarity with preliminaries. i looked more into your PSX trade...the evolution...that is greenblatt, right there, man. swweeeeeeetttt!! i read this post and this post.
I take it you dont use fundie to gauge where you expect to offload your cargo? just price action. #2. when it broke that pennant to the upside, and retest to blast off, is there a reason why you didnt add more/pyramid?(i didnt read that you did...so, i am making the assumption..i could be wrong)...i was looking to find at what level, do you think PSX is overvalued in your earlier posts....do you use p.e expansion to determine that? (ala william o neal)....one of things that peter lynch does is create an average of the p.e(in form of a moving average, then superimpose it on the chart, next to price = to determine overvalued, after he has bought a stock.
i like this post. at the end of the day, it is all about growth...growth...growth. and there is no point being in a stock without a catalyst.(imho). unless, of course, you are scalping or swing trading.
i use t/s too...the stocks market definitely have more info than the forex market. and you are definitely right that after watching a stock for a while, you can sometimes intuitively tell what is going to do. i realized this because i like to clearly write down my rationale for a trade...sometimes, i just "know" that something is going to happen without having a clearly written logic for it.
i believe linda raschke was the person that recommended for day traders to spend a lot of time watching the tape actions of a stock to internalize it...
in fact, there are some people that only trade 1 or 2 stocks..they day trade those stocks...watching them everyday....internalizing her rhythm and quirks....a good example is this lad. All he does, is daytrade APPL(and sometimes RIMM)...everyday, in and out, thoroughly mastering all her naunces....i came across him on informed trades in 2008. he had most of his videos deleted from informedtrades for some business reason or the other.
Hi Skynet,
As per your posts, my praise to you was well earned.
As for market profile, I do know a thing or two about the concepts after reading 'Mind Over Markets' and 'Markets in Profile' by Dalton. After reading those books and following Dalton for a short while I felt like I internalized the concepts and was able to integrate Dalton's teaching into my old day trading systems. I didn't see the need to further use market profile and stopped following Dalton as he got repetitive. Basic technical analysis along with taking a concept or two from...
I take it you dont use fundie to gauge where you expect to offload your cargo? just price action. #2. when it broke that pennant to the upside, and retest to blast off, is there a reason why you didnt add more/pyramid?(i didnt read that you did...so, i am making the assumption..i could be wrong)...i was looking to find at what level, do you think PSX is overvalued in your earlier posts....do you use p.e expansion to determine that? (ala william o neal)....one of things that peter lynch does is create an average of the p.e(in form of a moving average, then superimpose it on the chart, next to price = to determine overvalued, after he has bought a stock.
i like this post. at the end of the day, it is all about growth...growth...growth. and there is no point being in a stock without a catalyst.(imho). unless, of course, you are scalping or swing trading.
I've already read 3/5 of the books you mentioned. I don't know why I
never got around to reading 'one up on wallstreet' even though its still in my wishlist on amazon.com lol and as for the second book I haven't read 'fire your stock analyst' I will look at it
As for the other 3 books, I most certainly vouch for each of them. 'how to make money in stocks' is an awesome book that I previously recommended on this forum. I also really 'methods of a wallstreet master' which is an instant classic, few authors these days are as revolutionary as trader...
" It may mean something. It may mean nothing at all "
