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| Decided against spending the day in a darkened room. I am a fundamentalist as related to S&D potential & Price Levels when looking for ideas. Thereafter, I am 'sort of a technician' laced with experience. If a particular market sees bullish news & does not respond, my antennae immediately get suspicious & same for bearish news. Some folks can make good money off charts or systems, I have seldom enjoyed that success. I have witnessed a lot of people lose enormous amounts of money over the years relying on a system & I have had my head beat in more times than I care to recall & I accepted some of those as lessons. Basically, the best system should revolve around money management & whatever works for you..stay with it. I have a couple of old friends, still alive, who manage a great deal of capital & if something important is happening in the world, they send an email. This helps. There are a lot of good & hard working brokers out there, except I learned early, for me, it is the worst place to locate as it is easy to be influenced by their clients generally day trading the markets. In my lifetime, I know of only one man who successfully-on an annual basis-was able to make money day trading...most eventually lose. I prefer to either be a long term bear or bull & take 1/2 my chips off the table at well-defined resistance or support points & again add to a position when warranted. No one should speculate unless they have the time to get a 'sense' of the market & most agricultural producers must be very careful about speculation-after worrying about prices, weather, weeds, insects, politics & other risks..a crop becomes personal & takes real discipline to sell & is a natural tendency to want to buy. Ego is also an enemy. Fortunately I have a spouse able to 'adjust' my ego whenever it gets out of hand (& quickly). She does remember some of my bad deals. | |
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