There were a few other speakers at the event, but in addition to Mr. Ziglar I was intrigued by Phil Town who was representing Investools. Investools teaches mere mortals how to invest on their own. No it is not free. No it is not easy. It is truly one of the hardest things I have learned to do. I have spent thousands of dollars in education and thousands of hours honing my skill. That said, I do NOT regret a minute of it...today anyway lol Seriously, I really enjoy what I do.
So what exactly do you do then?
Well, I analyze charts daily and decide whether I am going to enter a trade on a particular stock. Sounds simple enough, doesn't it? Yeah, not so fast. It is actually much more complicated than that.
What I do NOT do is day trade. Day traders are in and out of a particular trade during trading hours. I do not do that. I am a long term investor overall, but I will trend trade. Long term means I am buying stocks of companies that I want to stay in for the long haul. I found this definition on Wikipedia that sums it up "Traders who employ a trend following strategy do not aim to forecast or predict specific price levels; they simply jump on the trend and ride it."
Now I am not ignorant of the swing of the market so I use the skills I have learned to remove myself from a long term trade if it is no longer moving in the direction I would like it to go.
Do you make money at this?
I have been known to be fairly successful at this. And let me preface this first with my definition of successful and most traders definition of successful...preservation of capital is paramount. You will not be right on every single trade, just not going to happen. There are way too many variables out of our control to predict 100% success.
I have sat down with my long term financial goals and given myself a benchmark to hit every year. to get to my "number."
Stay tuned for more....
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