Can One Really Make A Living As A Daytrader???? I'm Gonna Find Out! I'm The Boss Of Me!
Monday, September 15, 2008
Quote of the Day....
"If you're a trader, 40 percent of the time, you're wrong," said Ari Kiev, a New York city psychiatrist who treats financial sector workers and author of "Mastering Trading Stress."
"Part of job is learning how to ride out downturns," Kiev said. "You have more experience dealing with disasters than the ordinary person."
I've all but abandoned the daytrading for now to concentrate on the swing trades. Here's how it works:
I noticed that stocks that report worse than expected earnings AND have a price drop that day, seem to signal the start of a price downtrend. Therefore, at the close of the day that a stock reports worse than expected earnings AND the stock dropped, I short, and look for at least $0.50. Im also willing to wait for it a few days.
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