I do have a nasty headache from trying to figure out where the market will be six, twelve or eighteen months from now, and I don't have a clue though I see a lot of charts...
Hehehe...finally, a post I can understand and with which I can identify. It's fun, though, following in the threads here all the bull/bear prognostications, complete with confirming quotes from the gurus of their choice. The fact is, though, that predictions for time frames measured in months, even weeks, are always going to be less dependable than those measured in minutes and hours...plain and simple. It is for that reason that I choose (with few exceptions) to trade within the confines of a single day at a time, and to use stops that keep to a few pennies the losses in trades that go against me. Sure, I play the occasional ST position, even some options...mostly as an attempt to improve my lousy TA abilities (if that's possible)...but won't take 'em home with me if they go underwater. I've even been known to turn a DT into a ST position, but only if it's well in the money. I add to positions, too, but only to those that are going the intended direction. I learned several years ago that the easiest road to becomming a bagholder (and tieing up needed funds for who knows how long!) is to double up on losing positions, employing the ol' hope & prayer that "It'll come back". I adopt bull & bear postures, but they change day-to-day, hour-to-hour, and sometimes even minute-to-minute. I trade what I'm seeing on the tape, not what I think is gonna happen.
There is no single strategy that is right for every trader, though. Each of us must determine for ourselves what is best for our own personality, temperment, and goals. Some, due to other obligations, can't sit in front of a set of monitors all day long, so a longer term approach is a necessity. I admire their ability to make money in this market. It is no easy task in such choppy conditions.
Sandy
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