Hello to all. How has everyone handled the recent market collapse? I have been suffering immensely and would like to get back on top again. Any suggestions? As I'm fairly new to this, I would also like to learn more about trading. I've read a few a Daryl Guppy's books; Trend Trading in particular helped me out. A colleague of mine mentioned he's presenting a seminar in Brisbane soon? Is this true? How do I find out more?
Market Collapse!! Help!!
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tyra said:
Tyra,
Did you buy at the top? The greater fool theory; research it.
I have done alright so far. I got out of the market at the end of August in preparation and then I got back in and have only been a little affected. Yesterday and today were not good but have found some buying opportunities today.
Mr Guppies books are a bit too wordy in my opinion but good nontheless. Go to his site http://www.guppytraders.com/home.html
and click on the seminars link.
Don't panic
Snake
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Tyra
What stocks are we talking here?
Give me a list and I'll have a look.
Happytrader
What stocks are we talking here?
Give me a list and I'll have a look.
Happytrader
RichKid
PlanYourTrade > TradeYourPlan
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tyra said:
Hi Tyra,
Welcome to the forums! Hope you enjoy your time here. There is some general discussion of people's reactions in the XJO (ASX200), XAO (AllOrds) and related threads, you'll find those in the Derivatives forum and the Stock Chat forum.
There are also some great threads on setting stop losses, try the search feature in the toolbar to search by keyword.
Also have a quick read of the ASF code of conduct (link at foot of each page next to paypal logo) and the posting guidelines (thread at top of each forum).
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Tyra,
There are some better books than Guppies, such as Trading Secrets by Louise Bedford.
Investment Fables by Damodaran is a really good fundamental based book and should be in everyone's book case.
There are some better books than Guppies, such as Trading Secrets by Louise Bedford.
Investment Fables by Damodaran is a really good fundamental based book and should be in everyone's book case.
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Tyra, the only way to survive in trading regardless of how you make your trade selections is to have good money management. The hardest part is to exit a trade that is in the red, then be able to put it behind you and start again
Here are a couple of online information bits that may help
http://www.elitetrader.com/tr/index.cfm?s=17
(ignore the geeky picture)
http://www.tradetrek.com/Education/risk_management.asp
now just have to hope I read your post correctly
Here are a couple of online information bits that may help
http://www.elitetrader.com/tr/index.cfm?s=17
(ignore the geeky picture)
http://www.tradetrek.com/Education/risk_management.asp
now just have to hope I read your post correctly
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kaveman said:
The hairdo on the guy in the first webpage is ridiculous. A good site though.
Thanks for the info.
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Hi again Tyra
Believe it or not there are people out there that make money consistently with the most simplistic systems.
For example
They purposely look for a stock where óne green candle is more likely than not to be followed by another. Or two red candles are followed by another red candle. Now the trick here is to not jump in and buy until that candle is likely to end the day that way and then buy when it is more likely that not to retract a little. The next part is to know what the very best time overall is to take your profit and what you can realistically expect that to be. But by far the most important part, and this is the part most people get academic and analysis paralysis and go into denial about, is to take appropriate action when it doesnt follow through as expected. Thats in the form of a quick loss. As my dear old granny used to say, "they can only get you once" The next thing youve got to do is 'wash your eyes and be ready for the next trade'
Please do not take what I say as financial advice or recommendations.
Ive watched an awful lot of people spend an awful lot of money on gee whizz systems and seminars and ignore the only thing that is going to make them consistently successful. 'as soon as it goes the wrong way get out'
Cheers
Happytrader
Believe it or not there are people out there that make money consistently with the most simplistic systems.
For example
They purposely look for a stock where óne green candle is more likely than not to be followed by another. Or two red candles are followed by another red candle. Now the trick here is to not jump in and buy until that candle is likely to end the day that way and then buy when it is more likely that not to retract a little. The next part is to know what the very best time overall is to take your profit and what you can realistically expect that to be. But by far the most important part, and this is the part most people get academic and analysis paralysis and go into denial about, is to take appropriate action when it doesnt follow through as expected. Thats in the form of a quick loss. As my dear old granny used to say, "they can only get you once" The next thing youve got to do is 'wash your eyes and be ready for the next trade'
Please do not take what I say as financial advice or recommendations.
Ive watched an awful lot of people spend an awful lot of money on gee whizz systems and seminars and ignore the only thing that is going to make them consistently successful. 'as soon as it goes the wrong way get out'
Cheers
Happytrader
tyra said:
A copy of Dr Alexander Elders " Trading for a Living " would not go astray
touches on trading systems and more importantly trader psychology .
Also i have tried to embrace "Critical Thinking " ideals and methods to increase my awareness
http://www.turtletrader.com/critical-thinking.html
turtle site has some worthwile information even if you are not about to trend trade
............... pete
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Hello Brisvegas
About those turtles. Are those the same turtles that had 3 secrets?
Cut your losses
Cut your losses
Cut your losses
Cheers
Happytrader
About those turtles. Are those the same turtles that had 3 secrets?
Cut your losses
Cut your losses
Cut your losses
Cheers
Happytrader
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tyra said:
It's hard being a beginner. Even if you do every thing correct the big winners take a while to develop so you start with lots of losses balancing a few wins.
Especially in the current market correction. When I finally got my act together I gritted my teeth and made sure that I kept to my system for a few months (I just happened to start it at a top just before a correction) and traded it through a draw down.
MIT
Julia
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Hello Tyra,
I think we've all been through what you are present feeling when we started out. I can remember many wakeful hours thinking "what if it keeps on going down and down and down" etc.
My impression of members of ASF is that many are short term traders.
How would it be for you, whilst you are fairly new to the stock market, to rather pick a few blue chip stocks with reliable good dividends, e.g. CBA has a return of over 5% plus 100 % franking, then when there is a downward variation in the SP, you know the return will keep on coming, and almost certainly you will achieve capital growth in time. Just bring up a chart of, say, CBA, ANZ, WOW, over a few years (see the box at the top right corner of ASF home page) and observe the growth pattern.
Reference to the above companies is by no means a recommendation to buy any or all of these. They are simply quoted as examples of blue chip companies.
This approach may not appeal to you at all, but it has worked for me over a number of years. At present, although obviously I'd rather see the market rising, I absolutely do not worry about falling share prices and feel confident they will rebound.
Others will argue that you are better to have strict stop losses in place, sell at that point, hold cash for a while, then buy in again when the stocks has established an upward trend again. That's a great approach if you can be bothered and if you are not paying much in brokerage. There's not much point in saving $1000 if half of that is going to go on brokerage.
I wish you all the best. Just take it a bit at a time and don't make decisions on the basis of panic.
Julia
I think we've all been through what you are present feeling when we started out. I can remember many wakeful hours thinking "what if it keeps on going down and down and down" etc.
My impression of members of ASF is that many are short term traders.
How would it be for you, whilst you are fairly new to the stock market, to rather pick a few blue chip stocks with reliable good dividends, e.g. CBA has a return of over 5% plus 100 % franking, then when there is a downward variation in the SP, you know the return will keep on coming, and almost certainly you will achieve capital growth in time. Just bring up a chart of, say, CBA, ANZ, WOW, over a few years (see the box at the top right corner of ASF home page) and observe the growth pattern.
Reference to the above companies is by no means a recommendation to buy any or all of these. They are simply quoted as examples of blue chip companies.
This approach may not appeal to you at all, but it has worked for me over a number of years. At present, although obviously I'd rather see the market rising, I absolutely do not worry about falling share prices and feel confident they will rebound.
Others will argue that you are better to have strict stop losses in place, sell at that point, hold cash for a while, then buy in again when the stocks has established an upward trend again. That's a great approach if you can be bothered and if you are not paying much in brokerage. There's not much point in saving $1000 if half of that is going to go on brokerage.
I wish you all the best. Just take it a bit at a time and don't make decisions on the basis of panic.
Julia
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some might argue the reverse is true
how would US equities go , in the Fed and Plunge Protection Team stopped buying ( future contracts and options )
how would US equities go , in the Fed and Plunge Protection Team stopped buying ( future contracts and options )
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are you replying to the China and HK market collapse?
HK is back to 2017 levels this week...and we carry on
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well the Japan market has been propped up by BoJ buying for years ( when they buy ETFs )
the US markets have attracted all sorts of crude jibes about the PPT ( whether Trump was president or not )
and HK well that is the financial Wild West of Asia , so maybe China is trying to deflate the bubble ( it will probably fail , but heck at least it is trying )
the best many other nations have done is TALK about tapering ( apart from the 2018 taper tantrum in the US )
it looks like a Global bubble ( with only a few small players trying to take prudent action ) to me , so pointing at China , or the EU , or Italy , or .. looks like amateur magic tricks
the US markets have attracted all sorts of crude jibes about the PPT ( whether Trump was president or not )
and HK well that is the financial Wild West of Asia , so maybe China is trying to deflate the bubble ( it will probably fail , but heck at least it is trying )
the best many other nations have done is TALK about tapering ( apart from the 2018 taper tantrum in the US )
it looks like a Global bubble ( with only a few small players trying to take prudent action ) to me , so pointing at China , or the EU , or Italy , or .. looks like amateur magic tricks
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FED TURNS INFLATION MACHINE ON AUTOPILOT | BIG NEWS
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It is interesting to see the previous posting on this thread was back in 2005 (salute to RIP Julia - you are well missed by those who have had chance to interact with your professional postings and interaction) and now in 2021. What happened to market over 16 years or no one really visited to post ?
Nonetheless, good to see the few good postings. I am dwindling if market is getting solidified (stuck) or keeping on its melting flow - To be or not to be
