Still in the "the more I learn the more ignorant I feel" mode myself.
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Paula,
Me, too, very much so! Been trading two years, full-time now since mid-2002, and I must admit I feel quite ignorant and quite the novice compared to most of the savvy traders here, but I seem to either 1) have good instincts after 20 years of LTBH, or 2) I'm Irish and therefore lucky. Mostly I try to keep to the simple basics (no Eliot waves for me) on the charts, and trust my inner voice.
For example, I decided to try Zeev's most recent DOW gambit, then found I could not follow the plan, as it was so very different from my normal trading style. Here are the results (double lots of each):
12/13 Bought IBM @ 78.79, sold 12/16 @ 80.67 (held over one weekend).
12/27 Rebought IBM @ 77.11, sold this a.m. @ 78.38 (held one weekend plus one day).
12/13 Bought MSFT @ 52.74, sold 12/16 @53.99 (held over one weekend).
12/13 Bought IP @ 34.49, sold 12/30 @35.01 (held one week plus two days -- a long hold for me).
12/27 Bought JNJ @ 53.21, sold 12/30 @ 53.99 (held over one weekend).
AA and XOM never reached buying range, and I didn't buy INTC or EK (no luck trading them in the past).
Total invested in DOW Gambit = $43,846; Total return = $1,140, or 2.6% return on invested capital. Pure luck, as things could have gone the other way (God takes care of little children, drunks and idiots -- I'm not sure which category He fits me into). Probably sold too soon. . .
I do realize that although my style is simple and primitive, (but successful for me), what works today won't work forever, so I continue to learn from the best traders I can find to watch.
Like the fabled disillusioned millionaire, I think the fun is in getting there, the challenge during this learning phase, before complacency and possibly boredom sets in with success.
Enjoy it while you can, and good luck to you.
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