daytrading oct 21 morning

Morning all. Thanks HLL. Thanks posters.

Well, what can you say? Boom, boom. Traders who were around in previous booms get a little nervous with all this good news. But Tech boom lasted for over a year. Stocks like MNW etc were a dime a dozen. We didn't have the experience or the tools last time. Maybe this time will be different. Keep it real. imo

Check open orders.

Take profits and losses

Happy Trades

I'll just re-post kmacs words of wisdom from weekend lounge.

For those who missed out this week, buying/selling too early/late, or "never right" here's how a few gurus tackled these problems.

“A loss never bothers me after I take it...but being wrong -not taking the loss....damages the pocketbook and soul...always sell what shows you a loss and keep what shows you a profit” Livermore

“I never look back when I’m stopped, even if that turns around on a dime and soars mightily. Rather, I focus my attention on what to do next with the proceeds” M. Zweig

“Fight the desire to immediately get back into the market following a stopped out trade” Schwager

Timing off? Assess it as another trade, would I be a buyer or seller here, valid reason for entry/re-entry?

“Don’t let the fact that you missed the first major portion of a new trend keep you from trading that trend” Schwager

“It could take 2 or even 3 tries to catch a big winner” Minervini

You could try scaling in, “pilot buys”, toe-in-the-water approach, small positions if they work out, larger positions can be added but “never trust the first price unless the position shows you a profit” Minervini