I enjoyed seeing the unpredictable occur in the market today – for far too long the market has been making a nonsensical climb to new highs, and when there is a sell-off by mid-afternoon, any bearish sentiment has been watered-down by the buyers on the dip. So for once, it was nice to see the tables turned on the bulls, and to see what started out to be a positive day, quickly erode in the late-afternoon. I’m looking for more selling heading into tomorrow; there will of course be earnings, and I will cover that in tomorrow morning’s watch-list, but anything less than downside follow-through for the bears will be deemed a failure.
So to all you bears out there, in the words of Macaulay Culkin, from Home alone, “This Is It! Don’t Get Scared Now!”
Here’s the S&P and NASDAQ charts…
Welcome to Swing Trading the Stock Market Podcast!
I want you to become a better trader, and you know what? You absolutely can!
Commit these three rules to memory and to your trading:
#1: Manage the RISK ALWAYS!
#2: Keep the Losses Small
#3: Do #1 & #2 and the profits will take care of themselves.
That’s right, successful swing-trading is about managing the risk, and with Swing Trading the Stock Market podcast, I encourage you to email me (ryan@shareplanner.com) your questions, and there’s a good chance I’ll make a future podcast out of your stock market related question.
In today's episode, I talk about tightening the risk on the trades and the benefits of taking a multi-pronged approach in doing so between profit taking and raising the stops. Also, I cover how how aggressive one should be in adding new swing trading positions and how many open positions that one should have at any given time.
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*Disclaimer: Ryan Mallory is not a financial adviser and this podcast is for entertainment purposes only. Consult your financial adviser before making any decisions.
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