I wanted to write about this as i had a couple questions on it today. I often tell my students that i personally train that the best money makers out there arent the greatest stockpickers but the best managers of risk. My mentor paul singh used to say that nonstop in his emails to me. As a trader thats your first job as very few people are great stock pickers. for years I was a terrible terrible trader but i got by because I was a natural stock picker. I could hit such boomers that geting the perfect price, exit, stop loss didnt matter as much as there was a big margin of error. But overtime my results plateud as I was taking 5 steps forward 4 steps back and i wasnt using good risk/position managment. Those are the 2 things that seperate traders from elite traders.
Boom Boom Stocks 4/20/2011
Typical day yesterday after yet again another opening gap reversal we had a pomo fueled bounce right back to the 50dma. todays gap up should help us clear some large levels of resistance the 20dma and 50dma. Right now it looks as if the SPY is up 1.3% premarket, USO (OIL ) IS UP 1.4% …