Mach, thanks. Last year it was different
because I held on too long to plays that frankly got played out. I got interested in the small market 1 1/2 years ago when I stumbled onto BLYC and in early January saw the incredible run up and follow up buzz about IBZT. Then came SSWH, then came CMKX. I traded some plays and did very well in some and not so well in others. Luckily I sold BLYC when it was fading back but still at .072, but still held them too long.
With IBZT I didn't know about good entries and smart profit taking sells. I got sucked into the similar hopes of many that 1 play was going to lead to retirement and IBZT was that play. Again, held too long and saw the goods and bads of this market real quick. It was and is a culture. Fortunately I think it is much heathier culture overall than a year ago.
Along came SSWH and CMKX. Held them like they were the winning lottery ticket and I refused to let go. All the while I kept seeing awesome opportunities go by and more and more realizing there are extremely sound, promising companies at this level which provide some great opportunities for us all.
In November I closed my position in SSWH and in December I did the same with CMKX. In December began setting up the screens I needed to maked the best and quickest decisions on the majority of trades. EDGAR, CBSMarketWatch, PinkSheets, BigCharts, Streaming PRNewswire and BusinessWire, IHUB and Allstocks boards and the broker's screen.
I began watching the news and the boards like a hawk, quickly DD'ing every play I found in the news and MANY plays mentioned on scanning the boards. As a result, good trade began to follow good trade.
Enter 2005, where MANY on this board have provided some very hot plays. No, not everyone is a runner but the ones some of us have pointed out have been sound, exciting and very profitable. Still trading good plays, but stupid me knowingly taking chances and only keeping track of my returns BUT NOT SETTING GOALS.
In comes the post (I can't even remember who posted it) that was a copy and paste of Sterlings. I said it was reposted a month ago, but thinking more it was only 2 to 2 1/2 weeks ago. It was a repost of something he wrote earlier last year.
That post and applying to what seek out here fit exactly what I needed. It inspired my hopes of doing very well in this market, but doing so slowly and patiently. Now my attitude is a gain of $20 or $500 is a good day. Being in the plus column is the key. Getting to the next rung on the "doubling ladder" is the goal. Now to me, A loss of $100 or $200 in a trade is not the end of the world. Losing $200 in CYOS this morning only made me more focused. BVLE and AVEE came along, but if they didn't I vowed not to push any panic button even if it meant not making another trade today.
4, 8, 16, 32, 64, 128, 256.
Each level is reached by making the same smart trades with 60-70% in each play. Each interval is achievable as I seek the same percentage gains at each level.
If it takes 2 hours to double my money to the next level, great. If it takes me 3 weeks or 6 weeks to double to the next level that is very fine too. Having that PATIENCE and keep focusing on a 'plus day' is the key. Some turn trades around quick, while others hold to see certain news or reach certain price levels. How you get there is one's own choice and action plan.
1) Patience...waiting for the right play for my risk level.
2) Early Entry...seizing opportunity &/or momentum at the earliest time and now,
3) Goal setting using the 'Seven Rung Theory' and 'Plus Days' to are what I have humbly learned and applied.
I pray there is something each day that we will learn to make us better investors and traders. Humbly the foundation is just about built here. Now the plan is to patiently build up to the sky...one rung at a time.
The response to this post could easily be..."thanks, who asked ya?" It was offered because plays that many have offered (beyond my own picks) helped me greatly this year so far. I thought maybe offering insight on my last 3 months (and last year and a half) could help others. Goal setting is helping me greatly in short order and thought sharing it might benefit us all.
My soapbox time is up. : )
Bo
