Great post EVO....
Just wanted to add to the discusion in offering my own opinion for what its worth. I also do not wish to offend anyone in anyway with my post.
In my observation I think that when new people start reading these boards they percieve that everyone is making lots of money. It is the nature of these boards because most like to post their winnings. When someone does post their loss many times the reader glosses over that post because it is not what they want to hear. And that is human nature. I think this leads some to believe making money in the stock market is easy. For a newbie that's simply not true.
Another percerption I think new people fall into is that every bluesky break should net them 50- 100% or more and that is just one of the reasons why people hang onto the stock when it comes back down after only going up 10%. (People don't want to get out at 10% afterall it is a bluesky break and it's going to fly right?. They reason to themselves that it's just a pull back and time to "load the boat").
It seems to me the greatest struggle for many is when to sell. The subject has come up in many discussions and there have been alot of helpful tips. There is lots of info in the iBox. Regardless, I think there are still many who struggle with this one, big time. It is easy to have a winning trade turn into a losing trade if you do not sell in the green (Been there).
Each day there are oodles of charts that are posted for perusal and thus lots of opportunity to gain experience in recognising good chart patterns for possible trades ,where the break is, resistances etc. Some, but fewer, charts get posted saying "get out here". I am not saying that anyone should be taking people by the hand walking them through every trade and telling them when to get in and out (the info is in the iBox and Omni has walked us through before. He also continuously reiterates "sell 1/2"). All that I am saying is that I think when a winning trade turns into a losing trade it has to do with lack of experience in knowing when to get out (It can and probably also includes emotion and perception because people tend to see what they want to see).
In ending, a few of my thoughts/suggestions that may or may not help. Learn to trade well first. Don't trade because you want to make the big bucks overnight (contrary to popular perception not everyone on the BB boards are getting filthy rich). You cannot learn to read charts overnight so resign yourself to this fact and study long and hard. Include intraday charts, patterns, basic candles, indicators, sell signals and study level II etc, etc. (Links are provided in the iBox).
When I get home from work and I start reading through all the posts, what I do is for every symbol that comes up during the day I pull up the charts (all time frames) and study them to see what they did. This lets me see where and when the trade went wrong or right. Study, study, study everything and anything you can get your hands on there is so much to learn.
It all takes time. Some will learn faster than others. I tend to be a bit slower with some of this stuff and find I have to spend way more time at it than others but that's fine because I see progress everyday (I'm not filthy rich yet though).
Remember you have to sell to keep green and don't believe every trade is going to net you >50%.
Don't even believe you will make money on every trade. The idea is to make more than you lose. And you will lose.
Learn the selling signals because very few are going to post "get out now". You can be a good stock picker but you also have to be a good stock seller.
Ask questions.
I tend to think that people are not making money because they are not recognising when to get out and/or they are believing that the stock is going to go so much higher (therefore their winner turns into a loser and then comes the wedding bells). I could be dead wrong but that's just my thought.
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