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Hi Phsst,
Friday, July 18, 2003, 11:07:06 AM, you wrote:
P> But from Yuki's post about trading only 5 stocks, I concluded that
P> there surely must be a great potential benefit from being so
P> intimately familiar with a small number of highly liquid stocks
P> that you can see their charts in your sleep. You should be able to
P> develop superior instincts regarding support/resistance/volume
P> relationships.
Well, this is it really. I feel like I'm the doctor or the
psychiatrist for these stocks. When they get a headache or a fever,
sometimes I can tell before they can. When they have personal
problems, they bring them to me. ^_^ When they fool me, I know
something big is afoot, and I get un-fooled and on board in a big
hurry.
One of the nicest things I find is that I am no longer surprised by
things that used to surprise me years ago. Yes, it *can* go to that
extreme, and very well may, because I've seen it before. So I don't
try and fade "foolishness" as quickly as I once did. Now, about the
time I'm ready to fade it, it's very bloody stupid and I have some
friends ready to start working with me, instead of against me.
Yes, I know what to expect on a normal open. I know when the opening
volume is really speaking, and when it's just advertising. And yes,
I can see the charts in my sleep, and sometimes actually do. ^_-
It's one approach. Maybe not for everyone. Here in Tokyo it's much
harder to follow (and especially to trade) a wide selection. No
stops. None. You can get a full service broker to agree to try, but
even they don't have stops, so if she or he is on the phone to
someone else at the critical time, it's a case of 'gomen nasai' (so
sorry).
You asked earlier about how I select. It happened over the years,
actually. I found I could trade some stocks, and not others.
Gradually, I stopped trading the ones that gave me trouble, and
focused on the ones that didn't. I've always had a narrow-ish focus,
but it has become a laser beam in the past 5 years or so. As I've
started to dabble in systems, it's simply amazing to me that the
stocks I usually made money on historically via discretion are the
same ones that work well for my systems. (Maybe I subconsciously look
for systems that fit my stocks.) ^_^ But there it is. No rocket
science, no nothing. I just go with what works. The stocks that work
tend to keep working. The stocks that don't work so well tend to
always be trouble. Can I prove this behavior will continue into the
future? Not a chance. But I can prove it has persisted like the devil
in the past. Which way would you bet? I thought so. ^^_^^
Yuki
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