Replies to post #90 on ETF SWING & DAY TRADING

[Needforspeed]

was in a similar situation myself, lost 6 digit figure as well for the obvious reasons everone knows about. I thought I knew what I was doing but I really was the "pig". I had so much passion and determination that I decided I have to learn the rules and understand the game. Without total dedication and passion, no need to try. Hang around a mentor. THis place has some great minds. Lurk and read every single post. Hit the books. Best one ever in my opnion is Jesse Livermore Reminescence od a stock operator...(spell problem). Read and reread. Essential. THen Alexander Elder's trading for a living. Have a decent TA textbook. Avoid any "how to" book. Good ones are John Murphy's, Pringer's or the classic Edwards and Macgee(sp?). I found reading interviews with good swingers helpful, such as "market wizrds" by Schwager. He has 3 books.
I have lost over 80% of my capital and by mid2002 I was left with a small double digit. SInce then I have done about a double every few weeks or months, have regenrated the entire lost cpital and another50% on top. From mid2002 to today, have turned 1$ into 6$. (double just from this past Dec.). this not bragging but factual. I'm not saying anyone can do this. I still tell my friends I'm just lucky, and ,maybe indeed what's behind this performance. I still refuse to think I have any special skill or that I have "earned" such return. Maybe it's this attitude or a combination of factors. Humility, good mentors (I consider Bman to be a my mentor for life even though my returns or picks maybe more profitable....lol...sorry Master Bman, you'll always be my Master and Mentor..lol..)Sorry for all the babble, but the only time I post is if I felt I could be of help to someone like when I needed 2 years ago. I wish you all the best, and forgive me if you already knew all or most
of this already.

[Loser]

Hi VickiL,

Cool. I'll find a place around here where we can discuss/develop strategies while keeping the conversation germane to the topic.

For starters though, I suggest you try/buy an EOD (End of Day) charting program that allows for back testing ideas.

Two that I have purchased are http://www.amibroker.com and http://www.tickquest.com .

I prefer Ami to Tickq because it is SO fast. The programming of the software is impeccable.

Ami EOD is like $150 and I think Tickq is a little less. You can also buy the Ami real time platform for about $200. Chump change compared to what you might make on your first profitable trade.

For the time being, I’m un-strapping the straight jacket and breaking out of this joint. It’s been a good week and I need to reward myself- lest I forget exactly why I’m doing all this stuff.

I’ll find a place to talk about this stuff and post some relevant topics of discussion. We’ll get one another straightened out in no time and on our way to consistent gains and minimal losses.

Cheers,

Loser (Zack)

[denmo83]

VickiL...

I got on the right path when I was directed to the technical indicators that can accompany a chart.

Such as the MACD, stochastics, RSI, CCI, ADX.

Stockcharts has a pretty good tutorial section called chart school.

http://stockcharts.com/education/

It's a great place to start if technical analysis is what you're looking to learn about. Put MACD in the search window and it will take you to where you can read about the MACD. There are 4 sections to the MACD. Personally, I think it gets 4 sections because it's pretty important. That can be debated, which is why message boards were created. LOL.

[bluechip231]

To me 'buy and hold' means from a financial advisor, "I dont know where it is going" I have experienced this first hand, like you. After many years of doing it myself, it came to a point where my size was a issue to me and was afraid of making a mistake. I put my portfilio in the hands of an advisor. I remember the days of 2000. "I think we need to trim some holdings here", no, no, you are in it for the long term...we need to stop our loses here...no no...its too late...you are in it for the long term. Well, to say the least my portfolio was ripped to shreads and I have been steadily regaining and repairing the damage. My early interest in gold from 01 was a homerun and I have been lucky.

My advise to you is to pass on what I have trying to do. That is take the emotion out of the trade. I look at the charts. do some calculations and come up with a buy/sell and enter them in my order. The buy/sell order might be good for a day, week, what have you, but what effectively happens is that the price of a stock more often than not comes to me, and when the buy is on a technical level of support, the odds are in my favor. What if the trade goes against me? Then a stop is entered below a technical level to take me out in my absence. Simple observations of support/resistance can work.

Sounds simple. It isn't. I know that.

So before entering a trade, ask yourself, "What are my potential gains from here (to resistance)?, "What are my potential losses (to support)? Am i willing to take that risk? In other words what is my risk/reward?

Also pick a number of indicators to work with

I find the combination RSI, DMI and MACD to be powerful combinations and gets one out of trouble most times. Others use CCI, that is good too.

Good luck.