Now up 1/2%. (Am I good, or am I good?)
Now comes the truth. Bought just a single share to “test the waters”. But ‘basic materials’ is a industry and sector that interests me, and I plan to do more buying in it.
Caveat: Yeah, by and large, my stock picks tend to be profitable (Made good money on a trade in avocados earlier in the year). But follow your own investing/trading plan and ignore what anyone else does.
Arindam,
Gonna watch kRO go up and over the 20 ema with two (2) thoughts
2, go up and over the 20 ema for an average of 12 days.
The above chart is showing a pattern.
Quill
The “pattern” is down, down, down, as is the case for most stocks. So this becomes the investing question, and I do mean ‘investing’, not ‘trading’. “How far down is too far and the likelihood of mean version?”
Who knows, right? But at some point, one has to “fish, or cut bait.” Hence, I put on a position --however tiny-- as a way of begining to engage the industry/sector.
Added another 29 new positions today, all of them bottom fishing.
Welcome back you two. Arindam, it looks like KRO is creeping up so congrats…doc
edit: did you get out when the chart went red?
Doc,
Of the 29 (actually, 30) positions I put on Oct 27, I began to take profits a couple days later. By the following Friday, I was flat on all of them for this scrore card: 7 losers. 2 scratches. 21 wins.
Worst loss was (-5.0%). Best gain was 14.0%. Average gain was 5.5% for an average 6.6 day holding-period, or a ridiculous 208% annualized, which is total nonsense. I lucked into a rally and got out ahead of its collapse. Period. End of story.
Some of those positions, e.g., ABEV, subsequently went on to gain even more. But if (-5%) to (-8%) is a reasonable cut-loss point, then the same might be true of short-term profit targets. Anyhow, that was my game plan for that experiment. Get in; get out. and then park the profits in T-bills for the rest of the year.
Charlie
re: KRO
KRO did indeed go up and over the 20 EMA and made a nice 17.56 percent profit. Somebody must of sold KRO on November 6th.
If you want to be a kewl millionaire, do what Simson Sez to do. “Follow the rules, and you’ll make money. Don’t follow the follows, and you’ll lose.”
Quill,
Actually, I sold KRO on Friday the 3rd, not Monday the 6th. Why? Two reasons. Friday’s move up was anomalously large. Therefore, a retracement could be expected. Secondly, I wanted to be flat for the weekend, given how chaotic the global geopolitical situation is. As the chart shows, I called that one right.
Permit me, if you would, to quibble with what you say next.
"If you want to be a kewl millionaire, do what Simson Sez to do. “Follow the rules, and you’ll make money. Don’t follow the rules, and you’ll lose.”
Milionaire, schmillionaire. I don’t care about being one, partly because I already are one, and partly because a million just isn’t what it used to be. But the real reason is that some arbitrary amount, such as one million, two million, etc., should be the least of one’s goals. What matters is having 'Enough" --how ever modest that amount might be-- and knowing that, in fact, one has 'Enough". That, and having good health, family, and friends.
So, for me, due to the sheer dumb of luck having wandered into the bond market years and years ago and having made a decent nest egg there means that this stock trading stuff is just an affoardable hobby. It’s fun, but it’s just socially approved gambling, given how distorted and disconnected from reality markets have become due to our dear central banksters.
With regard to following one’s trading rules, “Yes”, as we both know, “Simon” is a good trading system. But it’s really just part of a proper trading trading, not the whole of it, for not addressing a whole range of problems such as position sizing, rule exceptions, etc.
Charlie
Charlie,
You wrote the following clip "Follow the rules blah blah blah a few months ago to me. I have done what you said to do.
Being in the Millionaires club,( if you made less than 10 mill, you are a poor church mouse like me ) I was addressing some comments to the Rail Boids who read but did not volunteer additional comments to draw a conversation with their thoughts.
See ya around the campus.
I wish you the best,
Quill - a poor church mouse scratching for a living as a Swing Trader.
Quill,
I wasn’t trying to pick a fight with you over trading goals, merely pointing out that what those goals are is for each person to decide for her or himself.
Regrettably, we live in a country and culture that gives undue importance to “having lots of money” and downplays intangibles like ‘tranquility’ or ‘sufficiency’. Tolstoy’s short story, “How Much Land Does a Man Need?” makes that point, as did my days of hanging out at SF’s Zen Center.
If you aren’t inclined to track down and read Tolstoy’s story, then reflect on this quatrain:
The Worldly Hope men set their Hearts upon
Turns Ashes—or it prospers; and anon,
Like Snow upon the Desert’s dusty Face,
Lighting a little hour or two—is gone.
Yeah, winning is more fun than losing, and having money makes (some parts of ) living easier than not. But the factor everyone overlooks is how capricious fortune is and how precious is each day. What matters is making good use of our fleeting time, not piling up more treasure than we really need.
Charlie
Interestingly, it looks like KRO has generated another buy signal…doc
