This is a ‘sticky’ post which will remain at the top of the Hideout home page for several days in order for everyone to see it. The usual Hideout updates will continue below, so this is not a stale post!
As we get into a brand new year of trading, it’s a time where some reflection is a good thing. Looking back gives us a point of reference for where we want to go, and this is the time of year when we all do this on a number of levels.
The point of this post is just to share with you some of my goals for 2010 here in The Hideout.
This is still a pretty new format, as we just shifted over to it late last year. As with anything new, some adjustments are needed before comfort sets in, and I suspect that’s where some of you are right now.
Some of you have not missed a beat with the new format, and you’re jumping in to post comments and ideas of your own as you have them. I love it, and I hope you’ll continue doing so!
Others of you have remained quiet, and I want to be sure to clarify for you here that what I really am hoping for in 2010 is that you’ll engage more on a few levels – if you’re willing, of course.
For some of you, this is just a place you want to take ideas and add them to your own, with no interest in interacting or sharing. That’s perfectly alright, I want to stress that, so I’ll say it again: that’s perfectly alright. You will continue to find a slew of trading ideas presented here night after night – the very best I can find. And anytime you need help, you can certainly ask for it by contacting me directly. That has always been an option, and will continue to be.
But if you’re here because you’re aiming to learn more and to sharpen your skills as a trader, or as a chart reader, or with your own market analysis, then we’ve got to get some better dialogue going! I need to have the ability to address your questions, but I don’t know exactly what they are until and unless you express them. And this is the place to do it.
Let me share with you what I have in mind in terms of more engagement…
* Ask Questions. As traders, each of us encounters situations which we either have never faced before or don’t know how to deal with. There are certain curiosities we’ll have about how the market moves, and many other things. My hope is that when you have questions, you’ll present them here. There are a lot of people here willing and able to answer them, so utilize the Hideout as a resource!
* Share Ideas. No two of us are exactly alike, so we’ll each discover plays which others of us have overlooked. Share them when you have them (provided they are not day trades). Point out what you’re seeing in the chart, and offer some guidelines for how you’re looking to manage the position. The added ideas will offer more opportunity for all, and continue the learning process for others.
* Support One Another. Trading is a lonely, tough endeavor. There are times when a little support is extremely helpful. Whether it’s encouragement or gentle suggestions for how to overcome costly habits, my hope is that we can band together as Bandits and help one another out. Pat each other on the back, you’ll appreciate it when the favor is returned.
* Traders Helping Traders. Answer questions submitted by others, don’t just wait for me to do it. You’ve been around a while, and your voice counts. Discuss your strategies, offer heads-up about pending events which may be out soon (earnings, economic reports, etc.), and in general operate as a team. That’s what we are, with the common goal of growth in our abilities and in our trading accounts.
My hope is that you’ll embrace the community of traders here, because there really is a diverse group from all over the world. Nobody has a background like you do, and nobody has the same experiences you do. Share it here, and we’re all going to be better because of it!
Finally, let’s have some fun! Every one of us has an avatar beside our names when we post comments, but most of them are still not personalized. This is probably the fastest, easiest way to add some personality to our community. By taking about 2 minutes, you can take a little more ownership in your comments and at the same time help the rest of us know you a little better by giving us a glimpse of who we’re conversing with.
Head over to www.gravatar.com and register the same email address which is tied to your subscription here. You will be able to easily upload a picture of you or of something which you feel best describes you. It’s extremely easy and fast, and once you’ve done that, anytime you comment here in the Hideout your avatar will appear automatically. This way, the rest of us will be able to quickly associate your image with your trading style, and help to tighten our community by bringing some more personality into it.
So in summary, let me remind you that I’m really glad you’re here! I’m excited about 2010 and what it will hold in terms of trading opportunities, but also to see our interaction grow as a community of committed traders.
Jeff, I can’t see the goals for 2010.
Josh
Hey Josh!
Give it a shot now, I think the wrong thing was checked for the post.
Jeff – love you goals and agree more dialog requires input from us. With that, I do have a few questions:
1. How much does overall market direction impact your swing trades? That is, when you look at the charts do you ever see a good looking chart but decide not to suggest it because the market environment does not jive with the chart (e.g short term correction likely but chart looks positive for a long position)?
2. Do you perform sector analysis with individual chart analysis or do you just look at individual stock charts?
3. Do you include ETFs in you analysis or do you only stick with individual stocks?
Hey Chuck!
First off, nice avatar – I dig it! Thanks for taking that step and I hope it was as easy as I described it.
Alright, let me hit these by number, and if I happen to leave anything out or you have follow-up questions, hit me back.
1. On a trade-by-trade basis, overall market direction does not impact my swing trades. In an uptrending market, if I see a bearish setup that I like for a swing, I will still take it. With that said though, I do want to be careful that I’m not getting positioned too much in the face of the overall market. So I might take the occasional short sale, yes, but I do not want to be putting on several short sales (to where I’m net short) if the market is still trending strongly higher.
2. I do not look at the individual sectors on a daily basis, although I will look at them from time to time (maybe once weekly). This somewhat touches on #3 but I will look through many of the sector ETF’s to get that feel. Generally though, I find that certain sectors will naturally stand out due to all the charts I’m eyeballing. So for example if solars perk up or airlines are flying (pardon the pun), I’ll notice many stocks which correspond with those groups without needing to consult the sector itself.
3. I will consult the ETF’s to review sectors at times, as noted in #2. When it comes to trades, my ETF trades are primarily in QQQQ, SPY, IWM, or the leveraged versions QLD/QID, SSO/SDS, or UWM/TWM. I’ve found the former group to be the most liquid, and the latter to be still highly liquid but more bang for the buck. Also, I do this in longer-term accounts where I’m looking for extended moves over the course of a few months up to a year. Case in point, I’m about to get called out of some QLD this week after selling calls against a position I’ve held for the past year in IRA’s. That kind of trade allows me to participate in a longer-term market trend without needing to watch the day to day action real closely, as I’ve got trading accounts for that.
Does this help?
Perfect – thanks!
Great message Jeff, nice to see you are still the goal setting “go getter” I first met almost 20 years ago! To those in “Stock Bandit Land”, I first met Jeff when I was 12 years and we BOTH had similar goals, playing college golf and then playing golf on the PGA Tour, just to name a couple! So, I’m here to tell you, Jeff has been a goal oriented, dedicated man waaaaaayyyyyyy back when the only “swing” on his mind was the swing he worked on for countless hours on the top right corner of the driving range at our home golf course! That corner would often be packed with junior golfers for a couple hours after school, but several hours later, when the sun began to set, only 2 would still be in that corner, pounding golf balls! While playing golf in college and on the PGA tour may be common dreams among young golfers, VERY few are willing to put in the time and effort needed to reach such lofty dreams! It’s easy to “say” you want something, but actually doing the work is what separates the lazy day dreamer from the accomplished, successful champion! Jeff and the other young man were NOT afraid of the hard work, and while most of the other young golfers were busy “being young”, Jeff and the young man were busy trying to be great! They sacrificed a great deal, no doubt they missed a many of parties, a many of Saturday mornings sleeping in and a host of other “things” that make up a typical teenager’s life, but I don’t think Jeff and the other young golfer would change a thing if they could go back and do it all over again! Jeff was a few years older than the other kid, but I know the young man looked up to Jeff because the other golfers Jeff’s age didn’t practice 1/10 as much as Jeff! I know for a fact this inspired the young man, and long after Jeff ACHIEVED his goal of playing college golf, the young man followed Jeff’s lead and continued to practice in “their spot”! So, the point of this post is this… Jeff has been working super hard, setting goals and “grinding” to reach his goals and dreams for SEVERAL years, indeed Jeff’s work ethic was established long before he entered the world of Wall Street! There are several different stock websites on the internet today, many of them quite good and I’m sure many of them operated by smart, hard working people, but here’s the thing, I don’t KNOW them!, I DON’T know their work ethic, but I DO KNOW Jeff! I DO KNOW that Jeff will be giving absolute every fiber of his body to whatever it is he is doing, 15 years ago it was golf, today is stocks! Trust me, if you knew how hard he worked at his golf, how much time he spent, how many sacrifices he made, knowing that same passion has grown and developed over the years, but is now focused on trading stock, you would be absolutely amazed! Jeff will be the first to admit that he will mistakes, BUT Jeff will also do WHATEVER it takes to learn why he made that mistake! He did that with golf, know he’ll do it with stocks! Keep up the great work my friend!!
~Cyber
PS I’m sorry if this looks like an “advertisement”, that was never the purpose! Besides, I “think” you have to already be a member of the Stock Bandit service to read these messages, so there’s no reason for an advertisement in this section since the people here are already members anyway??? I just wanted to let members know what I know about Jeff AND his character! Winners hang out with other winners, that’s why I choose to be among his faithful following!!! Good luck to us all!! ~Cy
Wow – that was quite a batch of comments, and I am so appreciative. Coming from you as such an old friend, it sure means a lot! I just get up and give it my best each day and see where it gets me – just like you do. Thanks again for all the kind words – certainly undeserved!