May 20, 2008
Spiking oil and a not-so-great PPI report sent the markets down today on a descent amount of selling. Even still, we don’t view today’s action as a change in direction for the markets. No trend lines, and no support levels were broken. At this point we still remain bullish on the markets and its ability to sustain the current rally. Volume was average at best and didn’t really give any real indication that the bears were taking control all of a sudden. In fact, today’s sell-off was overdue and gave us a much needed washing of the hands. We’ve been overbought for quite some time now, so this could be viewed as rather a necessary evil in order for the markets to continue its upward march.
Here’s the NASDAQ and S&P 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.
Emotional trading will destroy one’s portfolio. Aiming to hit home runs with every trade is a sure sign that the trader is overly emotional and only cares about fast money. In this podcast episode Ryan explains how chasing after stocks like MicroStrategy (MSTR) without a plan for managing the risk can ultimately ruin a trader’s attempt at being a successful swing-trader.
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