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October 27, 2009
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Today’s market is far from buy and hold. It is more like buy and fold
Why I like this web site?
It allows you to test your ideas and learn or test your stock picking skills. It has its restrictions and its own ways of keeping track.
One can see what others are thinking.
There are some real serious folks who provide valuable guidance - they alert you when you made a bad choice. It has saved me some personal losses in real account based on their recommendations.
Then we have some semi funny folks who want to keep everyone amused
Some trade long term - never take a trade off the book and then there are folks who take a trade off quick.
A study of closed picks will tell you who you can follow if want to follow some one - today’s market is far from buy and hold. It is more like buy and fold. I made money on some stocks which I have not closed on this web site.
Get a traders edge - check your portfolio at least once a day in personal account.
This site carries only paper gains and paper losses. Be BRAVE and test your ideas.
Most important have fun while learning new skills.
If you are good be a big brother or big sister and coach someone.
Be serious with your picks - it is difficult to manage your trades without stop loss or other tools available in real trading accounts.
Yesterday market had 200 point swing - 100 points up and 100 points down. How can you manage it in a real account? Start keeping a trade journal and start finding solutions to problems. That is when you hone up your skills. Market can provide you a living or take you to a poor house.
80% of stocks have a rainy day and a rainbow day when everything looks good. Subscribe to a chart service - if you want to make a living.
It takes four years to get under graduate degree which allows you to earn $30000 to $60000 / year. You have to work average of 40 hours. So why not spend a year polishing your skills before you consider trading as a living. Few folks earn in few trades and are ready to jump in full time based on hype by trading teachers and programs who promise you great rewards.
It is like saying Gold will be trading at $5000 or Dow will be trading at 5000 or 20,000. There are TV gurus who are carrying huge losses in their Hedge funds and still make wild predictions. WHO LISTENS TO BORING GREAT ADVICE? WE NEED SOME THING TO SCARE THE HELL OUT OF US TO TAKE ACTION AT LEAST SOME OF THE TIME. That is how the so called experts pay for their fancy homes and kid’s private school. Charm the hell out by their dire predictions
Last but not the least take action - take profits or loss based on your own style.
