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Limit Trading
Posted on 10/19/2005 16:03:00 | Link | Post Comment
No this isn't a tutorial on what trading "Limit Up" means.
It's about your limited trading ability, and mine. As you developed your personal trading strategy over time, I'm curious what self-imposed limitations you placed on your system and yourself.
Did you develop a strategy designed to earn $500/day? $1,000/day?
Why?
Because it's human nature and in all areas of life, not just trading, we tend to limit our abilities with our "best" thinking. Notice I said best thinking, not worse. That may take a while to sink in so just read on.
Consider how much money trades hands every day in the markets. The market being no respecter of persons, is just as happy to pay you as it is Warren Buffet. Why settle for $1k if you can earn $10k? "Because I'm not that good" So get better! This site alone offers you incredible tools to become a better trader. In fact, you can probably learn more than you need right here, to double or even triple your income.
Trading is a skill. You need discipline, desire, knowledge, but most of all, you need to raise the bar. See yourself as successful. Don't focus on the money, as I've mentioned before, better to focus on the noble things your profits can accomplish for your family and the world.
When we fully embrace a philosophy of "it's not about me", we begin to live life in harmony with the rythym of the universe. Bluer skies, whiter whites, you get the picture.
If your mind can conceive it, then you can achieve it! There is no Limit in Trading or Life.
Two companies we placed on your radar at the beginning of the week were Azco Mining - AZMN and ATSI Communications Inc. - ATSX. After posting stellar double digit gains, both have consolidated very nicely this week, and seem coiled and poised for next leg up.
Our Fibonacci analysis of AZMN was so popular with readers, I asked Randy to prepare one for ATSX also. Fibonacci didn't just think outside the box, he never even met the box, and his thinking - Unlimited.
I will post the ATSX Tech Update after the close.
Trade Safe!
ATSX Tech Update
{%2f52%2fatsxr1.jpg}
The way I read this, the rally up to 37 cents extended a little more than the normal 1.618 fibonacci ratio of the first move. The target range for the sell off is somewhere between today’s low at 28 cents and about 23 cents. The most likely area, I think, is around 26 cents which will be about where the 7-day MA will be tomorrow. Assuming this area holds, I expect ATSX to rally again to about 45-46 cents. This is the low from the last sell-off in late January and also the 38% retracement of the sell-off from the Feb high at 1.00 and the Sep low at 13 cents (see longer term chart below). I think that’s probably as much as you can expect from this first rally. But if this stock is a good one, you can expect any pull-back after the rally to 26-30 cents to be an excellent buying opportunity for a run at the 52 week highs.
{%2f52%2fatsxr2.jpg}
Keep in mind, this analysis was done Tuesday night prior to today's rally.
It's about your limited trading ability, and mine. As you developed your personal trading strategy over time, I'm curious what self-imposed limitations you placed on your system and yourself.
Did you develop a strategy designed to earn $500/day? $1,000/day?
Why?
Because it's human nature and in all areas of life, not just trading, we tend to limit our abilities with our "best" thinking. Notice I said best thinking, not worse. That may take a while to sink in so just read on.
Consider how much money trades hands every day in the markets. The market being no respecter of persons, is just as happy to pay you as it is Warren Buffet. Why settle for $1k if you can earn $10k? "Because I'm not that good" So get better! This site alone offers you incredible tools to become a better trader. In fact, you can probably learn more than you need right here, to double or even triple your income.
Trading is a skill. You need discipline, desire, knowledge, but most of all, you need to raise the bar. See yourself as successful. Don't focus on the money, as I've mentioned before, better to focus on the noble things your profits can accomplish for your family and the world.
When we fully embrace a philosophy of "it's not about me", we begin to live life in harmony with the rythym of the universe. Bluer skies, whiter whites, you get the picture.
If your mind can conceive it, then you can achieve it! There is no Limit in Trading or Life.
Two companies we placed on your radar at the beginning of the week were Azco Mining - AZMN and ATSI Communications Inc. - ATSX. After posting stellar double digit gains, both have consolidated very nicely this week, and seem coiled and poised for next leg up.
Our Fibonacci analysis of AZMN was so popular with readers, I asked Randy to prepare one for ATSX also. Fibonacci didn't just think outside the box, he never even met the box, and his thinking - Unlimited.
I will post the ATSX Tech Update after the close.
Trade Safe!
ATSX Tech Update
{%2f52%2fatsxr1.jpg}
The way I read this, the rally up to 37 cents extended a little more than the normal 1.618 fibonacci ratio of the first move. The target range for the sell off is somewhere between today’s low at 28 cents and about 23 cents. The most likely area, I think, is around 26 cents which will be about where the 7-day MA will be tomorrow. Assuming this area holds, I expect ATSX to rally again to about 45-46 cents. This is the low from the last sell-off in late January and also the 38% retracement of the sell-off from the Feb high at 1.00 and the Sep low at 13 cents (see longer term chart below). I think that’s probably as much as you can expect from this first rally. But if this stock is a good one, you can expect any pull-back after the rally to 26-30 cents to be an excellent buying opportunity for a run at the 52 week highs.
{%2f52%2fatsxr2.jpg}
Keep in mind, this analysis was done Tuesday night prior to today's rally.
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2 Comments:
Nice..
Nice..
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