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Trading Journal & Smart Money dumbobarries and trading

Trading Journal

I'd also like to share something I used to do when I first started trading. I formulated a trade journal to record all my trades. I used this journal to write down all the reasons I bought and sold a stock. Each time I made a trade I wrote down why I bought it. For example I bought XYZZ today because and I would list the reasons such as Insider buying good earnings analyst upgrade news release and so on and so forth. It seemed I was losing on every trade. Then I started using TA and I kept entering my reasons for buying the stocks.  My TA reasons were things like 50/200 day crossover broke above 200 DMA broke above trend line increased volume by 100% made 52 week high and so on a so forth. All the stocks I bought using my own TA seem to be going up while the stocks I bought because of news or listening to the talking heads on bsNBC were headed in the wrong direction. I kept this journal for well over 100 trades. It helped me decide to use TA only and block out everything else I hear about stocks. I don't listen to any of those financial channels any more.  You don't need them. There are a few I like and respect but these are few and far between.  Professor Jeramy Siegal is one I listen to every time he speaks. The TV is on mute all day but when he or Ralph Blauch of Raymond James comes on I'm all ears. You'll have to learn to separate the BS from the real deal and for my money the two mentioned above are the real deal.  They both called the bubble in early 2000 and I still remember Ralph's quote; he said this NASDAQ is on stilts and will fall hard soon. He also said that many of the internet stocks would become penny stocks and may never recover. He was right on the money with that statement. I still remember him saying that like it was yesterday. These stocks were trading at over 100.00 a share at the time. I didn't believe him then but he earned my respect a few months later as I began to see everything unfolding before my eyes. Stan's book helped me take short positions in many stocks and I made a fortune on the short side.  Listen to those you trust read all you can about the markets and how they work make that trade journal and document all the reasons for your trades.  It's a little extra work but believe me it's worth it and when you find what's working you won't need your journal any more. 

Smart Money dumbobarries and trading

Don't you love how the smart money operates They shake the dumbobarries out buy dropping the NASDAQ down to trend line buying near the 50 DMA while the amateurs are selling then they ride it back up and when all the DB's think they are missing the next ride up the pile in at a new high and the smart money sells it off.  These same DB's who bought today at the highs will panic and sell again when the stocks they bought today and yesterday have pulled back to trend and support lines and the process will start all over again.  This process is what forms the flag and pennant shape charts.  They keep taking the 5 and 10 % losses and the smart money keeps making the 5 and 10% gains in these swings.  Sooner or later the DB's become smart and no longer fall for this any more but it takes time for them to learn it.  The smart money is not worried that the DB is learning because there will always be new DB's coming into the market every day. This is what makes a market.  Folks the point here is you have to know how you are going to trade before you start and stick with the plan.  If you are a day trader you need to hold very tight stops and take your profit fast when you have it.  If you are going to be holding stocks for a week or 2 or 3 or a month or 2 or 3 then you can't react to every swing in the market or your stock.  Make up your mind before you trade as to what you are going to do.  We bought some stocks this week on breakouts and I said if you buy these stocks at the buy point you can expect a 5 to 10% pullback if the market pulls back. We are seeing it now.  Our stocks are pulling back and some people keep asking what is wrong with them.  Nothing is wrong with them.  These are strong stocks for example MANU closed today at 6.39 and we bought it at 6.53.  This is down 2% from where we bought it. This is not a problem folks.  The stock is still in a strong up trend and is above its 9 DMA where the strongest stocks in the market hang out.  Please decide: if you are day trading this stock you would have sold when it was over 7.00 for a nice profit; if you are holding for a longerterm runup you are going to have to wait a little while.  It doesn't happen over night.  These stocks we are buying are higher priced than we are used to buying.  I've said before that our strategy must change and not to expect these higher priced stocks to go up 100% in a day. That is not going to happen.  Please understand the difference and unless your day trading there is no need to keep looking at your portfolio balance every 12







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