December 30, 2008
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May 8, 2008
Short-term investing is a term used to describe a position trade which may last any where from several days to several weeks, or even as long as a month or more.
Often times, those interested in daytrading incorrectly assume that all trading must be completed on an intraday basis and/or that all trades must be closed out by the end of the day. While this does often times reduce the risk of holding over night, or for a duration longer than a single day, sometimes (not always) it can put you into a mind-set which can tend to reduce your overall profits in the markets. Often times daytraders find themselves “baby sitting” cash while looking for favorable trades to place. While this isn’t always bad, it can sometimes tend to reduce your profits from trading.
If you keep an open mind about the markets, certainly it can be seen that there are times when holding a position for longer than a single day can be beneficial to your bottom line. Many times in our morning newsletter, for example, we take up a position early in the week and hold a stock for several days, if not longer. The reason for this is because while intraday trades can be placed, often times slightly longer duration trades which are based more on technical chart patterns can turn out quite favorable if executed and managed correctly.
With this said, it should be noted that we are not prescribing a “buy and hold” mentality. If anything, you need to be “on your toes” just as much, if not almost more, with short-term investing as with daytrading. Often times, profit taking and/or risk management needs to happen with just as much speed in positions held for multiple days as with trades made on an intraday basis. The only significant difference is that while managing the trade, you also work to keep an open mind regarding the upside potential of the trade over an extended period of time. In addition, you try to not be so quick to take profits and move on. Having additional patience, while perhaps protecting current profits (i.e. using a trailing stop loss and/or taking some profits off the table) can result in quite spectacular profits if you find yourself on the right side of a trade which begins to advance in your favor. This is also true of short plays which begin to fall.
While short-term trading is something that tends to take some getting used to, the basic idea is that you want to attempt a trade in a stock which you feel may have additional upside if held longer term (again, when we talk “longer term” we may only be referring to a week or several weeks). Typically, these would be slightly lower risk stocks which have basically more reliable or predictable longer term charts behind them.
In addition to being careful regarding which stocks you select for short-term investing, you also want to select your entry points extremely carefully. It also tends to be more important to watch the overall market and how it is trading in relation to the stock you select, in an overall effort to give yourself a more or less favorable back-drop against which to hold your position. Likewise, using an “average in” approach where you buy limited shares at first to test the waters can be quite helpful.
Typically, unless you are quite familiar with the stock and/or company, buying a stock which is tending to move favorably for you over time (rather than one which is going against you) will produce the safest and most favorable results - as long as you do not over pay in relation to the ultimate price target. This is not to suggest that cost averaging cannot or should not be used in some cases. However, again it is best to stick to companies that you are more comfortable with.
Finally, as noted above, if the position does start to move in your favor, some form of risk reduction should be considered. This can either take the form for a trailing stop loss (we would recommend placing the stop some place slightly below the most recent break-out level and/or at a point which would tend to indicate a break down in the chart) and/or through taking some profits off the table. In this area, often times if you can take out your original investment, then the remaining shares can be held basically with no cost basis and therefore no risk.
Regardless of how you actually go about managing positions which are held longer than a single day, or whether you even combine short-term investing with your normal daytrading at all, the basic idea here is to at least consider and keep an open mind to holding [at least some] stock(s) as slightly longer short-term investments when the potential upside and benefits may outweigh the risks of being invested in the markets.
Good luck in the markets!
No permission is needed to reproduce an unedited copy of this article as long the About The Author tag is left in tact and hot links included. Questions and comments can be sent to Ray at articles@daytraders.com.
Ray Johns is the founder and Senior Market Editor of Daytraders.com, Proudly serving day traders & short-term investors since 1996, at http://www.daytraders.com Daytraders.com is the publishers of the award winning Morning Stock Market Report and the home of the Internet’s finest real time trading desk. Ray has been on the forefront of trading and investing in the markets and has appeared as a guest on a number of radio and television shows including CNBC’s Market Talk. Comments and questions can be sent to articles@daytraders.com.
If you would like a free trail of the newsletter and the live trading desk log on to http://www.Daytraders.com
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May 3, 2008
Part I:
Do you have a goal to your financial success? Do you have a plan for reaching this goal? If you are like most people, you desire financial security and higher levels of financial success. The dream of financial freedom and a demonstration of business acumen are quite common as a precursor to reaching your ultimate vision, but how do you actually reach your objective? It all starts with a well conceived goal.
Have you ever worked on a major project like building a house, writing a book, creating a successful business venture, taking a extended trip, developing a larger community project or fund raiser, or created a large event (like a wedding, rock concert, class re-union, etc.)? Any of these projects can not reach success without a solid plan.
A “Dream” of wealth or financial success is different than a well thought through plan. Planning starts with goal setting. It requires that you spend the time necessary to gather information, outline the necessary steps to achieve the project, develop a workable timeline, acquire the resources, and take the steps to move down the path to your goal.
These are simple concepts. Why do so many people have dreams that are never fulfilled? What steps must you take to achieve your dreams? You can not plan without a viable goal. You can not succeed on a large, important goal without sustained action. You can not achieve success without commitment and focus. If you are not “driven,” can you accomplish your larger goals? Can learned attitudes or beliefs sabotage your success?
Part II:
Most people do not do the “work.” The work is goal setting, planning, gathering the necessary resources, and the focused follow through for their success. People want the benefits of financial success without committing to the real required work. Sometimes the required work includes the “work” on oneself to understand and then overcome ones own resistance to financial success. It is hard to attract money and financial success if you actually fear or loath wealth. Many people stand in their own way to achieving success. These people say that they want to succeed but do not believe that they will succeed. Many people who have not done the “work” will reach financial goals and then sabotage their long-term objectives because they are not really ready for success.
A necessary secret to success:
If you are serious about achieving your financial goals, you must get serious about dealing with your deep resistance to success.
You may require support and coaching. In some cases you may have to go further and get good therapy to get to the source of your negative attitudes or beliefs. If you have not reached your highest levels of productivity and success, then you may have to get “outside” perspective to overcome your barriers. If you think that you do not require extra support or coaching, and you want to make the same mistakes over and over, then do not make any changes. It will be more comfortable to do it the “old” way, but do not expect better results. If you really want to gain the success that you desire then it is time to “knuckle-down” and get to work. Be excited about the possibilities and as open as you can be to the new insights that will help to drive your success.
One resource for you to create some awareness about your possible sources of resistance and some new behaviors that you can adopt that will lead to financial success can be found in a book titled “Secrets of the Millionaire Mind, Mastering the Inner Game of Wealth” by T. Harv Eker. I learned a lot by reading this book. Eker claims that there are 17 behaviors that are common for financially successful people that can be missing in less successful people and by modeling these behaviors you can move more easily toward your financial goals. You may want to take action and review this type of information.
Along the way, remember to make time to take good care of yourself. Financial success means nothing if you have compromised your physical, emotional, and spiritual health.
L. John Mason, Ph.D. is the author of the best selling “Guide to Stress Reduction.” Since 1977, he has offered Executive Coaching and Training.
Please visit the Stress Education Center’s website at http://www.dstress.com for articles, free ezine signup, and learn about the new telecourses that are available. If you would like information or a targeted proposal for training or coaching, please contact us at (707) 795-2228.
If you are looking to promote your training or coaching career, please investigate the Professional Stress Management Training and Certification Program for a secondary source of income or as career path.
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April 10, 2008
When it comes to mutual funds, there is a lot more to success than just finding a good one. Sad investment stories like the following are all too common. I hope my sharing it with you will help you avoid making the same devastating financial mistake one of my former clients made.
This story begins during the height of the investment madness in 2000, just prior to the bear market. I had been managing an IRA account for “Bob” for around six years, with a better than average record of success. So I was surprised when Bob sheepishly called in July, 2000 to let me know he was transferring his IRA account, which had done particularly well during our latest Buy cycle going into the year 2000.
However, his tax preparer, a long time personal friend of Bob’s wife’s, was now also offering investment services, having recently received his Registered Representative’s license.
Fast forward to the end of September. It had become increasingly clear to me that the Bull market had run its course. So, in accordance with the Sell signal from our trend tracking methodology, we sold all of our mutual fund positions on October 13, 2000 and went 100% into money market. (See my article “How we eluded the Bear in 2000″ at http://www.successful-investment.com/articles12.htm). From our safe haven we watched the market crash and burn, causing most other investors to sustain double digit losses eventually reaching as high as 50 - 60% of their assets.
In 2002 Bob unexpectedly stopped by my office. As it turned out, things had not gone well at all with his IRA investments. As most advisors would have done, his tax preparer/advisor had quickly moved all of Bob’s assets into a variety of “load funds.”
Of course, being newly licensed he was clueless (as were many licensed advisors) as to market behavior or analysis of any kind. The end result was that Bob’s portfolio lost in excess of 50% over the next 2 years. (Not to gloat, but my clients’ losses in the same period were non-existent.)
Unfortunately, the degree of loss Bob sustained was experienced by many investors who did not follow a disciplined and methodical approach.
What I find particularly distasteful is that Bob’s tax preparer misused his position of trust. He made financial decisions that he was not qualified to make, though his license implied that he did know enough to make them. So now we know what a piece of paper is worth.
This is no different than letting a newly graduated medical student with a fresh MD behind his name perform heart surgery. Or, hiring a new MBA grad to Chief Financial Officer of a Fortune 500 company. Yet the financial services industry allows someone to get a license (after a fairly short course) and to immediately start making incredibly important and far reaching financial decisions for anyone he or she can sell their service to.
This is a worrisome trend in this industry. A CPA friend confirmed that he has been approached many times by firms wanting him to offer investment services.
Why? It’s easy money! Accountants and tax professionals have a great business base. They are in a unique position of trust, because of the information their clients disclose to them. Whether they are employed by a company or they maintain an individual practice, there is probably no other person (other than your spouse) who knows as many intimate details of your financial life as your accountant/tax preparer.
To abuse this trust for personal gainno matter how noble the motive may appearis a total conflict of interest and a huge betrayal.
The bear market of 2000 has shown that investing must be a disciplined endeavor. Even most professionals have failed to recognize this. What busy accountant, in the middle of tax season, can put the necessary time and attention to a volatile investment market that may require action at a moment’s notice?
As for Bob, he’s still with his accountant, and in the same investments that brought his portfolio down. He’s hoping for a miracle recovery. As of this writing, the stock market is engaged in something of an upswing and Bob, I’m sure, is getting his hopes up that he will recover some of his losses. However, I shudder to think that this rally may come to an end and the bear market resumes. Where will Bob be then?
At 58 years old Bob is still playing Russian roulette with his retirement. He’s apparently unable to make a decision to move to someone who has the ability to make sense of market trends and the discipline to follow the signals they communicate. This is a decision that will have a profound affect on his financial futureand will determine whether his story has a happy or sad ending.
About The Author
Ulli Niemann is an investment advisor and has been writing about objective, methodical approaches to investing for over 10 years. He eluded the bear market of 2000 and has helped countless of people make better investment decisions. To find out more about his approach and his FREE Newsletter, please visit: www.successful-investment.com; ulli@successful-investment.com
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