Full Time Job? How To Use Stock Market Mentor

by DAN
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Dan, here are some things I have applied to my trading since becoming a member:

Entry Points & Risk

My focus has become entry points and risk management instead of the “Magic Pick”. With guts and dumb luck any gambler can pick winners sometimes. Only a disciplined trader can manage risk and make money on any stock in any market. I have good stocks I follow and I have winners and losers.

The big difference now is:

  1. I trade less because I am becoming more patient.
  2. I have established written trading rules to follow.
  3. I manage my time better through better use of alerts and stops so I don’t have to hang on every tick of the market.
  4. I am using and have expanded the “Trading Checklist” to include a risk calculator on all of my hot positions. Even though it is new, it has already kept me out of several trades and revealed a flaw in the risk/ reward ratio calculation (wishful thinking method) I was using in my head. When I have to write it down it becomes harder to sell myself a bad trade. Now that I have a spread sheet that calculates the “strike zone” on the stocks I follow, it limits the impulsive trades and keeps me organized.

All of these improvements have come from your videos and people like Bob, Royboy, Jan, Evansence, Craigy, realestate, Ocean and many others. Over the summer I was burning through my trading account in big chunks. At the peak of frustration I made 47 trades in one day (good day for my discount broker).

I am glad that you are sticking to your vision for the site and for me it is an invaluable resource. I looked at other sites before I found StockMarketMentor.com and saw the posts of the liars, braggers, and self proclaimed expert pickers. As a small business owner the mentality of the participants of those sites seemed juvenile. Logically speaking, how can people like that have the intelligence and discipline to make money?

So I kept looking until I stumbled on to StockMarketMentor.com through you video’s on The Street. I don’t get to log on every day during trading hours but I do look at the forum at night and research many of the ideas that are discussed.

Thanks Dan.

John

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