Tuesday, May 1, 2007

Evening Wrap Up

Well I lost more money today, but the hell with it. At least MVIS went up. I'm still up for the year, by almost exactly 1 grand. That gain should pay for about half of the amount I need for the software I am considering for systems testing. I'm feeling this system development might be more interesting for everyone to read about than I had initially suspected as it seems that very few bloggers are trading a system.

It is really ridiculous that losing money has brought me to a moment of clarity. It is even worse that Shortdabull was right when he said I should have stuck to my guns 2 weeks ago and stopped trading when I sold everything off that one day. I guess while I'm making money that everything is rosy, and there is no need to consider alternatives. It is an expensive lesson, but a valuable one as long as I turn the losses into something positive. The one thing that I really have going for me is that I do not mind taking small losses. With all the ridiculous trades I've made this year, the only reason I've not blown the account up is because I can easily admit I'm wrong and take the loss. I guess that may be the silver lining of this year so far.

I'm really glad that all my bloggy friends stopped by here today to simultaneously bust my balls and add encouraging words. It really does help to hear from everyone.

7 comments:

Deborah said...

I'm relatively new, but I've managed to make about twice on the market as what I do at my job since I started.

What works for me is chasing the money through a stock. I spend hours at it, but it is paying off very well for me.

Deborah
http://makingsenseofmyworld.blogspot.com/

CNL said...

I also sold STKL weakness before earnings = yikez!

Check out post reguarding IMAX...looking strong.

ambient

ShortDaBull said...

i'm always right!!

Bullish Jim said...

It's been an up and down year for me as well. Hang in there. The ability to take a small loss and move on will serve you well over time.

I look forward to hearing about your system trading. An automated trading system is definitely my investing Holy Grail.

IIO said...

Woodshed, I know someone else mentioned it already, but I highly recommend going to the library and check out REMINISCENCES OF A STOCK OPERATOR the audio recording. Then put on some earphones and listen to it at work (thats what I did at least). Its not going to tell you how to work a system, but it is extremely motivational and can help give you the belief you need to succeed, especially at a time when your struggling. And everybody struggles occasionally.

Woodshedder said...

Thanks iio and Jim.

Iio, you've got something good going on with your paper account. Glad to see you trouncing the indexes. Is there a link on your site to your system? I know its based on fundamentals.

Jim, I played around with stockfetcher last night-very interesting. I'm pissed that it only allows 2 years of backtesting. 2 years? That is nothing...

IIO said...

Sorry no link, but basically I just look for stocks with high growth and improving margins selling for a low PEG ratio. Its pretty basic. If the stock meets these requirements I hold until next earnings.

Its not a very exciting strategy, but its simple and only takes a few minutes to put the trades in each day.