The Hit List is a look at our current swing trading positions. Stocks we are already in have “triggered”, while those we are considering for plays have not triggered.
100% Cash
(GET, GDP stopped, SHAW removed)
Open Position Notes:
No open positions.
Closed Positions:
GET broke down nicely for us and hit the 1st Target yesterday. Today it opened weak and was heading south, getting to within $0.20 of the 2nd Target. The stock and the market stabilized, and a bounce followed which resulted in my adjusted stop getting hit. I’m now out of the trade for a solid 5% gain.
GDP has been reluctant to move higher in recent days since triggering a buy, and today the stock gapped lower to stop me out of the trade for a 4.7% loss. Getting stopped out on a gap is no fun, but when my lines get crossed I know it’s time to exit. This is a technically broken stock, and I’ll stay away from it for the time being.
Hi to all the banditos out there.
I thought I’d share this with you. I have these words of wisdom printed and close by my computer (when I screw up a trade for the wrong reason). There from various traders and I’m sure your aware of many of these but always good to reinforce these thoughts.
1) Buying a weak stock is like betting on a slow horse. It is retarded.
2) Stocks are only cheap if they are going higher after you buy them.
3) Never trust a person more than the market. People lie, the market does not.
4) Simplicity in trading demonstrates wisdom. Complexity is the sign of expierence.
5) Controlling losers is a must , let your winners run out of control.
6) Have loyalty to your family, your dog, your team.Have no loyalty to your stocks.
7) Emotional traders want to give the disciplined there money.
8)Trends have counter trends to shake the weak hands out of the market.
9) The market is usually efficient and can not be beat.Exploit inefficiencies.
10) To beat the market you must have an edge.
11) Being wrong is a necessary part of trading profitably.
12) If you do what everyone else is doing you will be average, so goes the definition.
13) Information is only valuable if no one knows about it.
14) Lower your risk until you sleep like a baby.
15) There is always a reason why stocks go up or down, we usually only learn the lesson when it is too late.
16) Trades that make a lot of intellectual sense are likely to be losers.
17) You do not have to right more than you are wrong to make money in the market.
18) Don’t worry about the trades you miss, there will always be another.
19) Fear is more powerfull than greed and so down trends are sharper than up trends.
20) Analyze the people, not the stock.
21) Trading is a dictator’s game, you cannot trade by committee.
22) The best traders are the ones who do not care about the money.
23) Do not think you are smarter than the market, you are not.
24) For most traders, profits are short term loans from the market.
25) The stock market can not be predicted, we can only play the probabilities.
26) The farther price is from a linear trend, the more likely it is to correct.
27) Learn from your losses, you paid for them.
28) The market is cruel, it gives the test first and the lesson afterward.
29) Trading is simple but it is not easy.
30) The easiet time to make money is when there is a trend.
and I’ll add to this ” what ever you do in life do it to the best of your ability and focus on the moment”
Tom
Awesome list here Tom, thank you for sharing it! Most all of us could spend time on any one of them this next week and be a better trader because of it. Great stuff, really appreciate you posting it here!
Jeff
#4 should read ” Simplicity in trading demonstrates wisdom. Complexity is the sign of inexpierence”.