2007 Year End Review Part 2

Dec 27, 2007 -

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Below is the second part of the two part year end review using questions from Trader Gav.
  • How many times have you been changing your trading strategies? From dummy to fibonacci, then to breakout or even scalping?

There have been times when I’ve strayed from my trading strategy, but not to adapt a completely new one. While I have been tempted to alter it when I see others with greater success, I understand that what may work for him or her may not work for me because of differences risk tolerance, goals, trading preferences, and etc. This is not to say that I haven’t been tempted to change strategies, but I feel that building on my current strategy will take me to the next level (rather than starting all over again with a new strategy).

  • How long was the last time you stick to your trading plan?

To be frank, I strayed from my trading plan only last week. I’ve noticed myself exiting my winning trades either too soon or too late, and I miss out on the heart of the gains. So, what I am trying to do is figure out which chart signals I should take more to heart than others. Still, I shouldn’t be straying from my trading plan. For the most part I am doing a lot better focusing on sticking to my trading plan, but there are still times when I stray. I will have to keep a closer eye.

  • How many times have you been delaying writing or recording your trading journal?

I am guilty of this one. I have been behind recording my past trades.

  • Are you spending way too much time in something called ‘trading psychology’ things? It is important, but are you spending WAY too much time on it?

I might be, but I’ve mentioned many times before that I am focusing on trading more so now than trading psychology. Trading psychology is important, but executing a trade and action is what produces generates profit. Thinking about it can only get you so far.

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Potential Short Term Pick for Wednesday December 26th 2007

Dec 26, 2007 -

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I went through a couple of scans last night and filtered out a list of potential buys.

One stock that showed through was Citigroup. It has just bounced off its support at $30, which has been tested twice in the last month or so. I am looking to put a stop just under $30 and a target price of $33.

Among others, LDK also looks like a good buy.
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Merry Christmas From Everyone at Stockkevin

Dec 25, 2007 -

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Multiple Mental Mind Sets All in the Same Day

Dec 21, 2007 -

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Some days can be mentally draining- situations arise and at times it can get rough both mentally and physically. I get to work at 8:00am and spend about seven hours there. Then it's off to class until 7:00pm. In between work and class, I spend around an hour to two hours at the gym. Through in networking with professionals, starting a club, a social life, and you can see how little time I have for anything else. However, the biggest challenge I have is NOT managing my time. Somehow, I always find enough time to do what I need to do.

The biggest challenge is preparing my mind for the situation on hand. When I am at work, my mentality is different from that of when I am in class. With only thirty minutes in between work and class, I find myself struggling to make the mental gear change (especially if I have an exam in class). I spend seven hours at work, where the focus is on production and efficiency, which after a while turns into repetitious routine (you establish an efficient system), then in class it's largely about thinking outside of the box and breaking outside of the routine (learning concepts and ideas that you have not been exposed to). I'd rather not try to be "Jack-of-all-trade" in terms of taking on multiple roles. Like I mentioned before it's mentally exhausting.

Some day you just have to muscle through it. But there comes a time when you have to reevaluate the situation and figure out if what you are doing is the best way to allocate your mental energy.
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Reviewing Past Stock Trades to Limit the Number of Future Mistakes

Dec 19, 2007 -

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My trades span anywhere from a few days to several months. It makes sense that after I exit a trade, I evaluate the trade a month to three months later. By that time the charts will have produced enough information for me to identify what and why a trade resulted in a loss or gain (to a certain extent). Quantitatively, I determine if what occurred was just plain luck (probability wise – 50/50 chance a trade could have gone either up or down) or if it was something I consciously enacted and could have been prevented (given the conditions at the time) Basically I am looking to learn from my mistakes and more importantly not make them a second time.
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StockKevin Is BACK! [On Execution]

Dec 15, 2007 -

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I am back after a two week hiatus from blogging. For the rest of this month, I will be focusing on executing trades - buying what I should and selling when I need to. Many times what makes crystal clear sense in theory, as many of you already know, can and most often does work differently in practice. Personally, I believe what separates the best from the best is how well one executes a plan or idea.

There are plenty of books that tell you what to do to make big bucks when you are trading. Most people understand cash management, position sizing, stops, etc. But, what separates a Tiger Woods from a Sergio Garcia (Nothing against Sergio don't get me wrong he's a professional, just that he chokes on the final holes and sometimes playoffs)? The answer is execution - applying what you know most efficiently and effectively.

The way I will be doing this is by reiterating trading fundamentals and keeping a very close eye on my trades (especially in this market state).
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Busy Busy Busy Two Weeks

Dec 5, 2007 -

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This week and next week, I will be busy with studying for finals. Afterwards, I'll get back into focusing on trading.

Update on portfolio:

PBR- Up 7.77%
TKC- Up 6.91%
ABAX - Down 0.69 %
ONXX- Down 1.5%

Big movement today. Looks positive...
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Interesting to See For Tomorrow

Dec 2, 2007 -

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It will be interesting to see for tomorrow what the market holds after the oversold bounce last week.

It was a much needed bounce, but I have a feeling that it might not continue on for long...

If thats the case, I will be needing to cut my losses quickly.
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