Seeking Alpha
  • techwonk
    Newbies: you'll get very little sympathy on StockTalks if you don't learn to set stop limits
    6/26/13
    Reply (33)
    • techwonk: They aren't perfect - don't work well on gap downs - so you still have to watch your portfolio.
      6/26/13
    • techwonk: 8% loss limit is recommended by those using the O'Neill system CANSLIM (Investor's Business Daily)
      6/26/13
    • markrpat: Tech.. is sympathy the name of the game? If you setting stop limits on sympathy, then you at the wrong table.
      6/26/13
    • techwonk: Just finished hand-holding another newbie with a 30% portfolio loss on their first trade
      6/26/13
    • techwonk: I really should just send them over to Morningstar
      6/26/13
    • markrpat: or reframe the argument....individuals shouldn't come here for sympathy on trades, but possibly safe guidance. Very inexpensive IMHO.
      6/26/13
    • techwonk: Scroll down
      6/26/13
    • markrpat: individuals that come here for admiration are equally in danger.
      6/26/13
    • markrpat: newbies..give it a name. A newbie is a zygote to a headstone.
      6/26/13
    • wheelz23: don't be so harsh on newbies...everybody is a newbie at one point
      6/26/13
    • Perkins Cove: The H**L with sympathy...give 'um something good to read....http://bit.ly/zZ8RDp
      6/27/13
    • Perkins Cove: If they are half way smart they will learn those qualities...starting with #1 Loss Cutting.
      6/27/13
    • Perkins Cove: Otherwise they won't be around long.
      6/27/13
    • techwonk: My point: sometimes the market tells you, you were wrong about a stock. Or timing was bad. W/limit order to sell, that lesson hurts you less
      6/27/13
    • wheelz23: agreed, but use mental stops if possible
      6/27/13
    • Ocean Man: No one's first trade should be a coal company.
      6/27/13
    • Ocean Man: Or a gold / silver miner.
      6/27/13
    • Perkins Cove: OM....Oh that's coal....ed. (hehe)
      6/27/13
    • Ocean Man: Or a biopharma.
      6/27/13
    • Ocean Man: As much as people bash Cramer, he has a great rule for newbies. Only every fifth stock you buy should be speculative.
      6/27/13
    • Perkins Cove: "Or a biopharma"....hey, that's my wheelhouse! Just kidding. As a day trader, biopharma is a day traders dream, and a swing traders nitmare.
      6/27/13
    • Perkins Cove: All newbies should learn the 4 basics (day, swing, hold, options) and find their own niche. As measured by % gain per year. Right?
      6/27/13
    • Ocean Man: I don't think newbies should be day traders.
      6/27/13
    • Perkins Cove: Agreed Oberman. It's too easy when done right, and could lead to slacking off....and a reluctance to learn the real basics for (cont)
      6/27/13
    • Perkins Cove: ...long term investing. For some (me) it is a matter of time left. And I have failed at swing and hold. And options are Greek.
      6/27/13
    • Perkins Cove: So...I will continue to refer those that ask me how to swing/hold/options to you my friend. "Newbies should not be day traders'...agreed.
      6/27/13
    • Perkins Cove: Hey techwonk......good thread....grin
      6/27/13
    • Perkins Cove: BTW, I see day trading as a cash cow to fund the other strategies. Ie, when the efficiency starts to level off for the day trader (cont)
      6/27/13
    • Perkins Cove: ....some cash should be put to work elsewhere. (real estate, a swing account, etc.). Most traders do not have the skill (and it IS a skill)
      6/27/13
    • Perkins Cove: ...of an Ocean Man. That is why he is here, protected from moderation (and banishment) by the community that is SA.
      6/27/13
    • techwonk: @pc thanks;) lousy day here, OS update failed to install, I will be of line a lot til I can convince repair to fix under warranty
      6/28/13
    • techwonk: i like OM's rules too ... I try to stay out of the lifeguard business, too many people out there don't really want to be saved
      6/28/13
    • techwonk: Know what I mean? ;/
      6/28/13