You will see two types of traders today:
- Those who will externalize the problem
- Those who will internalize the problem
The second kind will develop method to as best as they can avoid a situation like this again....
The easiest thing is to externalize the problem..
But at same time you know there are traders who were on right side of this trade.
Not based on luck but based on method...
Minervini was out before this selloff and he has detailed his method for arriving at his decision...
Many other CANSLIM traders were in cash or lightly invested based on their method of looking at leading stocks.
A blog I have highlighted couple of times Wishing Wealth was also out and warning about this market since last couple of days based on his GMI index.
My own Market Monitor timing model was warning about a correction based on big moves breadth.
So people do have methods to determine when to be aggressive and when to be cautious.
Study those method...
It is easy to externalize problems, but if you are looking for real growth as a trader, internalize problem and search for solutions...
This applies not only to trading but to life in general....
Some reactions from Stockbee Members today:
Can I just raise a glass of single malt scotch to toast the market monitor - it got me out last week. It's taken 6+ months, but I'm finally getting a feel for MM :)
WOW....Thank you Pradeep, because of you I am in cash and not long.....Got out of my shorts too early but that is OK... Oportunity on the recovery...you definitely have my respect
Pradeep, my respect for you and MM have gone up hundred fold. Despite you teaching, I have done some stupid things - but I am in a much better position than the last market meltdown.
i second that! thank you Guru
: I am in the exact same boat as you are :). Guru, you are actually Maha-Guru.. "Shat, Shat Pranam"
now double thanks.... :0 i was sitting back and watching and laughing at the action... 'guru for president'
i hope everyone is having as much fun as i am :)
site has taught me that cash is a position. sometimes the best decision is the one not taken.
Thank God for Pradeep and his Market Monitor!
Pradeep - please bill your drink to my membership account. That $150 has paid for itself over and over and over and over and over and over and over.
guru have a drink. it's on me :)
Let me also chime in..For the first time in 8years moved to cash entirely last week and was in complete tune with MM numbers. Going into today had a couple of short positions including Guru's pick SOHU. Was a bit slow to cover into the frenzy. Nevertheless, the profits were protected. Not a penny lost infact made some in the catastrophe. Many thanks to Guru and his ingenious invention
Hats off to you Pradeep and your MM...moved to cash last Thursday, as I learned to respect MM signals the hard way. I owe you a debt of gratitude for all your apprenticeship. Cheers!!
Are you serious about your trading?
If you are serious about your trading and want to build an enduring edge the Stockbee Member site might help you. Members tell me they have tried lot of things before coming to my site and it has offered them the most extensive and detailed methods to swing and position trade.
It is only for those who want to develop their own self sufficient trading method. It is not a stock picking service. It is service for you to build your own scans and trading method to have your own daily pick based on your method.
Be warned it will take you time to learn to trade. Learning to trade is difficult art and unless you are willing to spend months or years to perfect your strategy and also develop your mental edge you are unlikely to succeed in this game. Unless you understand that no site, no service, and no mentoring is going to work.
Why traders come to stockbee?
The member site is one of the most recommended site for learning to trade by other traders and bloggers. You will see no advertising, no hard marketing, no promotions, no free offers, no affiliate marketing, no incentive to other bloggers to promote the site, no constant twits self promoting the site, no free trial and no tall claims of making you instantly wealthy, and yet the site attracts new members everyday. Members come from all walks of life and all kinds of trading size and trading styles.
You will see that many trading bloggers have been using my market timing methods, scans , stock ranking lists and chart templates. They have developed their own methods based on my methods. Many paid newsletter site recommend my site to their subscriber for learning about trading and market.
Over the years thousands of traders have been members and those who benefited from the learning talk about the site to others or talk about the methods used and that is how new members learn about the site.
What will I learn in the members site?
The members site will give you in depth understanding to develop your own trading method. The emphasis is on making you self sufficient and confident of your own trading method and style.
As a member you will learn the basics of swing trading, momentum investing, growth investing and risk management.
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You will learn about Stockbee Market Monitor method for market timing using breadth. It allows you to avoid risky periods in market and allows you to identify market turns. It is used for 401k allocation decisions.
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You will learn about Jesse Livermore Range Breakout, Darvas Box setup, and many other member shared methods.
You will learn how to set up your own scans, select right kind of stocks, how to set up stops, when to enter , when to exit, how much to risk, how to track your trades and all other details about trading. You will learn about developing your own methods and not relying on others for trade ideas.
The site has hundreds of videos and trading methods and variation of methods. Members help each other in developing the methods and share actively their research and finding. A collaborative spirit allows you to get input from others on your trading ideas or problems.
The site gives you opportunity to interact with some of the most successful traders and learn from them about their trading methods. It is a vibrant community with members from different background and experience willing to help each other. The emphasis is on continuous learning and up gradation of market knowledge and setup knowledge. The members range from hedge fund employees, financial advisers, active swing traders, investors and new traders.
If you are looking to develop your own trading strategy the membership site might be for you. You have to be willing to put in the effort to build your own method. There are no silver bullets offered on members site. Every method, every scan, every nuance is detailed and all possible help is offered to design your own method.
Do you have a trial?
If you are just looking for trial you are better off trying thousands of other trading sites that offer free trial or one month trial and offer you promise of riches.
It is for those who are ready beyond the trial phase and ready to put serious months or years of efforts to learn to trade on their own. It is for those who want to learn to find their own fish.
The free blog has all the details about the methods I trade and if you go through the posts highlighted in the sidebar you will learn about them.
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To sign up go to www.stockbee.biz and follow the sign up process. The site uses Paypal for payment processing.