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B4 The Bell Humpday, April 7, 2004


Guest yobob1

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Guest Icky Twerp

I HATE when anyone, including our own ole' Bare, talks about Bush as a Texan, as another stubborn Texan. . .but Molly Ivins says he is, too, so I guess he is. . .

 

Do y'all hate it too, when from outside the country, commentators speak of him as an another stubborn American president?

 

I had a friend email me the other day -- he and I usta bid against each other on EBAY for tubes of silver eagles last year -- he said "I WISH I"D BOUGHT $10000 worth of silver then, instead!" :lol:

 

Says on CNN (Aaron Brown) that "moderate" republican senators want to send more troops -- in this topsy-turvy environment the DOVES are the ones sponsoring a troop buildup and the HAWKS are trying to withdraw! :lol:

 

May the anti-matrix bless all Stoolies . .

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Guest Icky Twerp

Oh, Dang, I forgot to mention what I wanted to point out:

 

Rising rates could set off the debt bomb

 

from the Dallas Morning News, "W"s hometown paper, sorta. . .

Such an increase would only push up credit card rates, making it more difficult for Americans to pay off their nearly $745 billion in credit card debt. Middle-income people would feel even more pinched and many low-income consumers would be forced into bankruptcy.

 

Some economists are worried about a combination of factors today: Household debt is at an all-time high at $9.4 trillion, personal savings is at an all-time low of about 2 percent of after-tax personal income and foreclosures and delinquencies are up. Throwing a rate increase into that mix will cause more damage, they say.

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"If I knew then what I know now......"

 

 

As a newbie with lots of learning to do, I was curious as to the key pearls of wisdom that folks would like to share with us newbies.

 

What are the things that ALWAYS work for you? What would you NEVER do now that you did when you started?? If you were writing a trading book, what would some key things be?? Most important thing you learned?

 

Your pearls please!!?

 

Thanks,

 

Stinky

Stinky: That?s what my 3 year old calls my 5 year old when she is very very angry :angry: at him :lol: It's the rudest word she knows and the ultimate insult in her book.

 

Most important rules. I?m not sure that your post can be answered without literally writing a treatise. What I know and have learned could probably be multiplied by 100 times to get to the knowledge base of some of the traders on this board.

 

OK, so with the limitations of keeping this to one typewritten page and off the top of my head, here goes:

 

1. Money management. Don?t trade what you can?t afford to lose, at least initially until you have some kind of track record. Keep the trades small. Keep a journal. Why did the trade work or not work? What was your state of mind? You need a space where nobody is going to bother you, or clean up all your post-its <_<

2. Be prepared to potentially lose most of your initial investment. :( Work on getting a system that you are comfortable with.. I personally trade EOD. I know traders who are masters at the one minute chart. You have to find your niche. Finding your niche means knowing yourself :ph34r: (what?s your personality type) and your comfort zone with regards to stops,etc. What are you going to trade? Stocks, options, futures, ETF's etc and why are you going to trade them?

3. Keep pluggin away. I have always compared trading to surgery. It takes 4 years of med school, 5 years of internship and residency before you get to operate solo on a live patient. And then you spend a life time learning to keep up with advances in care.

4. If you get frustrated STOP. Back off and go do something else. Get a hobby and make sure you have a life. Notice how B4 and The End have strong family supports. Also, both have dogs,although I don?t know exactly what that means :lol: .

5. Read and dissociate. Everybody has an opinion. That?s what makes a market. People on this board are largely bearish right now(although Doc is boolish currently :lol: at least as much as an uber bear can be).

6. Work out a system for yourself. Now that you know what everyone else is thinking, now what are your thoughts and WHY? I realize that this particular statement is so vague as to be meaningless but you need to have rules and be as detached as you can be. What are you doing and why are you doing it? Remember, it?s like operating. Emotion in the operating room is not a good thing. After the operation is done successfully, celebrate away.

7. Unfortunately, most people who try and do this fail. As B4 said, this is a tough, tough game. Some give up and some just don?t have the personality for it. However, nothing ventured, nothing gained. If it was easy, everybody would be doing it.

8. If possible, find a mentor. I don?t mean one on the internet, but rather someone you can phone and chat to. That person has to be trading, by and large, in a similar fashion or otherwise it isn?t going to work. Like Surgery, it?s almost impossible to make all the mistakes yourself and a mentor can go a long way towards exponentially increasing your knowledge base without the attendant pain.

9. I gather that you are looking for specifics as regards pearls. Eg. when the trin is at this level do this and when the Vix is at this level,do that,and when the bollinger bands are narrowing do the other thing. Sorry, I suspect you have to learn that stuff on your own. If you hang around the trading boards, however, it doesn't take very long. None of these so called pearls work all the time anyway

10. Finally, humility is a pretty good thing to have as a trader. It looks like you have it. <_< Carry on.

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Pinnacle Foods Closing

More than 400 layoffs expected

http://www.wowt.com/news/headlines/670347.html

 

 

(Milford-WTNH, Apr. 7, 2004 10:15 PM) _ Outsourcing has claimed more jobs in Connecticut.

Today Bic, the maker of pens and shavers, announced it's sending production overseas.

http://www.wtnh.com/Global/story.asp?S=1770770&nav=3YeXM8dv

 

Kerr-McGee buying Westport Resources

Houston Chronicle, TX - 3 hours ago

... Kerr-McGee CEO and chairman Luke R. Corbett said no decision has been made on layoffs, but duplicative functions will be eliminated.

http://news.google.com/news?hl=en&q=layoff...d&start=10&sa=N

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Thanks for the pearls of wisdom everyone... today and everyday.

 

I have learned so much from you all and am amazed daily by your insights and generosity.

 

I already know day trading is not for me. Really, I just want to manage my total portfolio better and in this enviroment, do not believe that the mantra of buy and sell will serve us well. So, unless you are a buy and hold until you die, you have to be a trader. Forced into that role, I just want to better than what I am right now which is plain god awful.

 

Nite.

 

Stinky

 

P.S. I love my name. It cracks me up every time I say it. It's so perfect for me on alot of levels. Glad folks like it.

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