If you are want to make money trading in this market you must set stops and have the time to watch charts. This market is so volatile, it will have you second guessing yourself, thus losing money. I do not have time right now to watch the market all day, so my strategy will be to pick stocks I really like when the market turns against me. I think it is important to have a strategy because when you don't, you panic and make bad decisions. What is your strategy?
For those who have time to watch charts all day, take a look at one of my favorite financial blogs. Marlyn does a great job of explaining her trading style over at Filtering Wall Street:
Note: No trades today, I prefer to sit on the sidelines with my hefty cash position and watch the action.
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1 comment:
I have time to watch charts all day and its still a tough market. Cash is the best position right now.
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