I have been reading your posts. You are doing exactly what most folks do when first getting into technical analysis. You are ASSUMING that all charts will react the same way when certain factors line up.
I did the same thing for years! When I saw the RSI, Full Stochastics, MACD, huge volume, etc., I thought for sure I JUST KNEW what was going to happen. This was not always the case. That's why I now laugh at the notion of being like a machine or robot with zero emotions when trading. Just not possible folks.
There is a certain "art" to this chart reading. It takes a certain feeling to know when to pull the trigger. So......... how do we get to the next level?
Well, for me, I've talked about it just recently. Try to condense your universe. Ummmmm, what? Well, is there a reason your "watchlists" for the past month may have over 1000 stocks? (I'm exaggerating, lol) How is it humanly possible for anyone to have a good grasp of the trading of 1000 stocks?
Last week I mentioned that I have about 25 stocks that I really concentrate on. This is so I can really learn the "trading behavior" of those stocks. When I get a good feeling for those stocks, how much better will my technical analysis work out? I feel I've enhanced my chances at success.
Now with that said, what's your plan of attack? If we just throw money at our positions with no real plan, what should we expect? I talked about money management over and over again. Is it because I love to post hundreds of times to read my own writing? It's all part of the plan.
Listen Musky, I'm really glad you posted what you did. You are willing to leave yourself open for criticism in order to really learn what you need to do to make money. Too many folks on iHub are all about trying to get "atta boys" and a pat on the virtual back. I can't tell ya how many folks PM me and say they have membermarked me and would I kindly return the favor..... It's all B.S.
As far as Jimmy and UPB goes, they have the gift. but look closely my friend. They do a lot of what I am talking about.
How long has Jimmy or UPB told us about SODA, LNKD, PCLN, NFLX etc? Are there no other great stocks out there? He talks about a certain 20-30 stocks this whole year. Then he plays them over and over.
They also go into these plays with a very distinct plan. Read their analysis. They practically tell you what they are looking at and why they feel the way they do. I'll tell ya, most folks don't read that stuff, they just blindly try to follow their picks.
They say well, Jimmy got in, I better get in as well. Then throw way more money at it then they can afford. When it doesn't work out, they just blame Jimmy or UPB. God gave us a brain for a reason but I guess for these folks, it's easier to blame others.
Lastly, did I ever mention about paper trading? Take some of these concepts and strategies and work them out on paper first. I guess I must be foolish to want to paper trade until Jan of 2013.....
You can do this buddy! Work the plan and plan to work......
Boca_Bobby
Mom said there would be days like this!
