365/7/24

What does it take to be a stock trader? It takes a total mental commitment to the task. It becomes a complete way of life. You cannot be a part timer. You cannot work at a regular job and trade stocks successfully. When you decide to make your living this way you must be willing to work 365 days a year, 7 days each week, 24 hours every day with no time off. I know.

How do I know? As an exchange member for 17 years and a floor trader I can personally tell you there is no time off. Never. Almost every waking moment is given to thinking about your current positions. Where should I sell? Should I move my stop up a little more? There are 3 more trades I'd like to make, but I need to save some extra cash in case I need it for a margin call. It is hard to pass up a trade that looks as good as XYZ, but I have to maintain my trading discipline. And so much more.

These are just a few of the thoughts that run through your head.

You are constantly being torn by the natural enemies of fear and greed, yet you must hold your equilibrium to try to make dispassionate decisions. The first law of trading is to protect your capital so that any single trade will not have you going home broke.

If you are working a regular job or you own a business you cannot be a trader. One or the other or both of these pursuits will suffer. When I owned my brokerage company I did not make one single trade for 8 years because I understood the commitment necessary to be a successful trader.

Why am I telling you all this? Because I don't want you to lose your money in the market as so many people do and I especially don't want you to think you can be a day trader. You can still make money in the market and beat 90% of the Wall Street experts. Here's how.

First you must learn that you CAN time the market even though your broker and all those "experts" will tell you that you can't. There are several good timing advisory services that you may subscribe to or you can develop you own method.

Second, don't believe all that horsewash about research. That is Wall Street smoke and mirrors. Don't try to pick individual stocks. Stick to no-load mutual funds with a discount broker and buy only the best performing funds during the past 6 and 12 months. When they quit being in the top 1% sell them and find new ones that are going up.

There isn't enough space here to give you the details, but I want you to realize that you can safely make plenty of money in the market without devoting 365/7/24.

Al Thomas' book, "If It Doesn't Go Up, Don't Buy It!" has helped thousands of people make money and keep their profits with his simple 2-step method. Read the first chapter at http://www.mutualfundmagic.com and discover why he's the man that Wall Street does not want you to know.

Copyright 2005

---

How Eating Bitumen Made Me a Better Trader

Trading is a fascinating activity.There are so many layers to... Read More

Downdraft

For the year 2000 we have seen hundreds of mutual... Read More

Overvalued & Underbought

With all the bad news that has been dumped upon... Read More

Selling Strategies - Setting a Stop Loss

Sometimes the best way of lowering exposure to risk is... Read More

A Stock Market Investment Strategy

I feel that an investment strategy in the stock market... Read More

It Cant Be Done

Wouldn't it be nice if you were only in the... Read More

Economists

In today's volatile and confusing stock markets everyone is searching... Read More

Shorting Stocks ? The Basics, Part I of II

What does it mean to short a stock?This means that... Read More

How to Find Value in No Load Mutual Fund Investing

What are you thinking when it comes to your no... Read More

Dont Buy Worldcom! A Guide to Wise Bottom Fishing

Over the past few months, several investment professionals have brought... Read More

Zero Sum Game

Most people think the stock market is a zero sum... Read More

Political Investing

We have two candidates for president that have really different... Read More

High Price/Earnings Ratios and the Stock Market: a Personal Odyssey

After some forty years of banking and investments, I retired... Read More

Investing in Stocks and The Game of Monopoly

To begin, you might look at playing the stock market... Read More

The Elephant

Four blind men were asked to give a description of... Read More

Fake Money

Reach in your pocket and take out that big roll... Read More

365/7/24

What does it take to be a stock trader? It... Read More

Psychology ? How to Reduce Negative Thoughts Relating to Trading?

The thinking process of the brain relating to the... Read More

Time Out

Are you paying any attention to your retirement savings? Do... Read More

Why Buy and Hold?

Since I can remember, and that's a long time ago,... Read More

Commoditizing the world

Let's discuss commodities; with the latest Enron situation, it is... Read More

Intervention

Intervention. Now don't let that big word scare you. The... Read More

Trading Tips No 5: Stock Trading Curve Drawdown and Commitment

All stock trading and investing methods must deal with the... Read More

Stops Make Money

During the day I watch CNBC-TV, the stock market channel.... Read More

Adding Funds

Someday you may want to retire and continue to live... Read More

Trading For A Living

How many times have you said to yourself, "I'd like... Read More

Enronization

Even if you don't own any of their stock or... Read More

You Don?t HAVE To Be Trading

As a novice trader, you'll often feel the need to... Read More

Forecasting the Stock Market

Every day I see in the financial section of newspapers... Read More

Trading Systems

To become a successful trader you must have some kind... Read More

How Much Money Can I Make With Trading? What Account Size Do I Need To Start?

What account size do I need?How much money can I... Read More

Investing in the Stock Market - When To!

Is really not as important as to how you invest... Read More

War Market

There is no question that the stock market is being... Read More