Services

[WarningGP]

Hi Simon, What do u think of the site powerstocks.co.za how bout getting charts and reccomendations like that so we can increase our trades, or do we already have something similar such as the technical analysis?

[Skerp]

Hi, nothing like Powerstocks,teach you the basics and hold your hand while you're learning. They tell you exactly what they are doing and why.Eat their cooking as Buffet says!

[WarningGP]

With all the technical analysis by STD. Bank, most of their reccomendations have breached the stop loss level and they have sent out an Email to remind us to close our positions, even though most were stopped out by the Friday sell off, should we close our positions or stay in them and ride it out 'cos most of those stocks have recovered, wot you guys think?

[#4]

Stop losses are used for a reason. Too stop you thinking!!!

when you think you get emotional and emotions cause bigger losses. Have a system and stick to it. Rather loose a small amount now and Live to trade next time than wait for the stock to "never???" recover.....

Friday was a show of how of how quickly the markets can change, what happens to your "thinking" if Monday and Tuesday the same 1000 points were shed? 300 points down and counting???

You would be so far lost you would at that point think "what the heck, I have nothing more to loose so I may as well wait for it to recover"...that could take days or years.

In this case you are lucky that stocks recovered so either cut small losses (or take small profits) or redo your TA and decide what's best. You got into the stock for a reason, is that reason still valid? If so keep it, if not sell it, simple, easy, no emotion.

Before entering a trade have an exit stratergy (both for profit and for loss)

these words from my many emotional losses and hard earned school fees....

[WarningGP]

I suppose the main reason is that thay are good quality shares bought on weakness/ corrections, such as MTN and are bound to recover not like "simmers"...

[SimonPB]

but these are trading strateies, not investments .. hence the stop loss is bbased purely on price and when it is hit yyou have ony one thing to do - exit ..

[Skerp]

Very clever,CPS & Simon,exactly the point. A strategy is exactly that,saves thinking,which is very difficult once one starts to lose,or worse make money! Have burnt my whole trading account with too much thinking in the past! Not fun!!!

[#8]

That site looks pretty interesting. Anyone subscribed and made use of it yet?

[#9]

Yep, been a member since September 2009. No nonsense guys do the right thing and putting their own money where their mouth is.

[WarningGP]

So Simon and others that R familiar with the site, is the technical analysis advice on this site different to the powerstocks.co.za site? Simon said powerstocks is more a strategy site, whats the difference between the 2?

[SimonPB]

I didn;t say that .. I was refering to ouur TA .. I have no knowledge or expereince of powerstocks ..

[#12]

I have been spending some time on their site looking at the various strategies and it looks like something worth a try. I think I am going to give it a try just to get started i.e. follow a strategy and stick to it. This way I can work on the discipline of sticking to a strategy while I up skill on the art of TA myself.

[WarningGP]

ok sorri ne Simon, so can a person develop a strategy with TA? is a strategy defined as an entry point, an exit point & a stop loss, and maybe a plan B incase of a violent correction?

[SimonPB]

ya, an plan B is realy just a scrambled plan A ..

[DR_1]

Simon, when are we going to get bollinger ands and stochastics etc on the intra day graph on easy trader

[SimonPB]

some months away still (maybe 6) .. first new EOD charts within website .. then those charts become intra-day .. then easy trader gets upgraded to trading ability from within easy trader, portfolio management, stop loss and live charts etc. But this is a project running to late 2010 in entirity with releases every month ..