Wow, I just read the last post I did back in January. Shortly after that post, I realized truly how little I knew just a few short months ago. I've hit the books quite hard in the last few months and have come a long way, but I still have a long way to go.
I am starting to formulate a strategy. I am definetly a trader and not an investor. I am confident I have the discipline and technical skills to trade. I much prefer the idea of being in and out of stocks on a more regular basis rather than looking to hold securities long-term. I may just be thinking this now because I just finished an excellent book by Alexander Elder on trading... I may turn out to be a horrible trader, but I'm willing to take that risk now and find out.
By no means am I planning on becoming a day trader. I am looking at the daily (and weekly) charts for trends for good entry and exit points. I haven't actually placed my first trade yet (as a trader as opposed to an investor), but hopefully I will come back to the blog to share my success (and not my failure).
Since I have discovered MACD, I've been slowly adding to my arsenal of technical indicators. I have picked some indicators that work for me, and I'm ready to use those to look for trends and buy and sell signals. I am not abandoning fundamental analysis by any means. I am a strong believer that there is a place for technical analysis and fundamentals for all investors and traders.
Most importantly, I'm ready to get disciplined. Tracking my trades, and using the 2% and 6% rules Elder outlines to manage my money. So here I go, Hopefully I will be publishing some trades in the near future.
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