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    Tuesday, June 10, 2008

    Easiest and most effective way to keep a journal


    Every aspiring trader has heard the advice, "keep a journal". I agree, and have found what I feel is the easiest and most productive way to capture all my thoughts and observations. I've been using these devices for many years, and can't do without. I found that it was impossible to know ahead of time when I'd have a revelation, and carrying paper/pen everywhere was ineffective. Digital voice recorders are used by many high functioning individuals in society, and I can truly say they work for me. I never miss an idea, no matter where I am. I am not here to recommend any particular brand, and I'm not being compensated in any way, but I put a link here for readers to see exactly what I'm writing about. The nice thing about my device is that I can set an alarm on an idea, so I don't have to remember the specific time I need to recall something. What good is a note on paper to "short at 11 am", if I forgot to read the note?

    Moving on to strategy, my shorter hold times have served me well. I anticipated a down move, but since it didn't materialize right away, I made the adjustments. For now, I'll keep my tempered expectations and quicker trades. The short side of stocks is gaining traction, but it's still too early to get heavy, in my opinion. Several instruments are close to flashing a signal, and although their is more confluence among them, the setups still leave something to be desired. Sitting tight until I smell blood has helped me keep the profits I've earned over the years. Just because I have an inkling is not good enough a reason to get heavily involved. Prices could still go either way, and as an example, look at the recent action in financial stocks (WEAK), while bonds remain weak, too. I'll wait for more confirmation, or better risk/reward entries, before putting on significant size or getting "married" to an idea. In short, we could still be in the confines of a wide range, which would cause me to be a buyer of stocks on dips, rather than initiating shorts from here (on intermediate term trades). As usual, I could go either direction for an intraday trade, so check the ticker.



    Interesting:



    • I agree with Laszlo, except on some Japanese financial companies.

    • This lady has nailed it so far, so pay attention.

    • Focus on what really matters, not the camera.

    • Household net worth plunges.


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