By Tony Oz
''Put your cash the place your mouth is,'' got here the problem. So he did. most sensible promoting writer, Tony ounces, used to be challenged by way of Tim Bourquin and Jim Sugarman, founders of the foreign on-line buying and selling Expo, to end up that his inventory buying and selling options paintings, that he may well regularly take higher-than-average returns out of the marketplace. to satisfy the problem, Tony saved a buying and selling diary for 4 weeks, documenting each exchange he made. the straightforward tale that spread out grew to become out to be of a lot larger final result than a person may have foreseen, as Tony chronicled a first-hand description of 1 of the worst inventory industry crashes in contemporary reminiscence. Tony was once already into his four-week buying and selling problem on the top of the Nasdaq industry, ahead of the Crash of April 2000. Having no notion on the time that he used to be in the course of a “correction” that might wipe out over trillion funds of stockholder’s fairness, Tony controlled to earn decent gains each one week, and had just a couple of wasting days. what's actually amazing is that every one trades have been at the lengthy part – now not one exchange used to be promoting brief in a speedily declining endure industry. the result of the problem are certain during this interesting new booklet. within, Tony tells how he selected a dealer, arrange an account, after which drew a good-looking source of revenue from the inventory industry each one week, incomes a fifty six% go back on his capital in a single month – greater than so much traders earn in a yr. Over a hundred around journey trades are recorded, charted and defined in an everyday buying and selling magazine. Tony finds what he was once considering and feeling, and he explains each one trade’s technique, and his earnings and losses - all of the whereas jogging the reader via his uncomplicated technique and straightforward ideas. on the finish of every week, he ordered a money from his dealer to “sweep” his account, and forestall compounding of earnings. “After all,” Tony explains within the ebook, “Friday is payday.''
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Extra info for The Stock Trader: How I Make a Living Trading Stocks
MSFT opened for trading at 112 1/2, after it traded as high as 115 premarket, and then tanked from there. My stop loss was triggered and I sold 100shares at 111 15/16. 36% ORCL went up from 87 3/8 to 89 5/8. It was in all time high territory. I was trailing a stop on 200 shares, and as ORCL hit 89 1/2,1 placed my stop at 88 15/16. The stock turned around and traded lower than 89. My stop was triggered, and I sold 200 shares at 88 15/16. LOOK gapped up to 47 1/8. I placed a slop loss for 200 shares at 46 7/8 and I also placed a sell l i m i t order for 200 shares at 48 1/4, which was my price target, as seen in the chart above.
I turned on my computer, and saw that the futures were down sharply. Stocks were trading much lower pre-market and my candidates were no different. They were all trading lower than where I was planning to enter them. 1 turned on the TV and found out that Microsoft failed to settle their case with the justice department over the weekend. This was very bad news. Suddenly, all my trading plans were tossed out of the Windows, or should I say out through the Gates. I was now expecting a major sell off.
But, how could I? I was a ravenous animal smelling blood. I couldn't afford to miss my meal. I already did that once today. SUNW bounced at 95 numerous times. The support level was holding; however, with the Nasdaq breaking down, I was afraid SUNW was going to tank hard and that my stop at 94 15/16 could possibly not get executed until dropping to 94. I decided not to ignore the tape, and I sold 200 shares at 95 1/16. I got the pullback 1 was looking for, and I bought 100 shares of SUNW at 96 11/16 and another 100 shares when it dropped lower to 96.
The Stock Trader: How I Make a Living Trading Stocks by Tony Oz