p***t
发帖数: 174 | 1 On a warm summer evening, I'm feeling bloggy so I'll write some reflections
here. After years of trading, I've developed my own style of trading. Here
are some core strategies:
-know what you play. I never play stocks that I don't understand. A rule of
thumb is, if the Annual Report (10k) is more than 100 pages, I would pass.
10k for companies like BAC, AMZN,.. are as thick as big books. There is no
fucking way for small retail trader like me to have the time and resource to
fully understand the business. For most stocks I traded, even for very
short term trade, I read the company's 10k, or latest 10Q.
-know what you can trust. I focus more on balance sheet than income
statement. It's more difficult to make fraud on balance sheet, particularly
cash in banks and debt. That's the easiest part to audit. The accounting
rules for recognizing revenue/costs are so complex and have tons of
loopholes to cheat.
-know your trading time-frame. When i start a position, the 1st question I
ask is, what's the time frame of this trade, several hours, days, weeks or
months. I never hold a position more than half a year. Yeah, I'm not a long
term investor, but a trader w/ investor's mind. The time-frame dictate how
large position I will open, the price variation range I can tolerate. When
the time limit or price target hits, close position w/ discipline.
-don't gamble. I never hold my position through major events/news/earnings.
Never played ER. I only play anticipation/reaction to the news/events. It
only take one mistake to ruin your portfolio if you gamble.
-no money is too small. People on this board laugh at the little money I
made from those small trades. I'm totally fine w/ that, and actually feel
proud of it. Small trades add up. I care about consistency and reliability.
I intentionally keep my each account small, so that I always get the sense
of hunger instead of complacency. In fact, small size of accounts and small
trades make capital usage more efficient and yield higher % return.
What trading amazes me is, I never fail to learn new stuff. For people
working in cubes, the mindset is "TGI Friday". For trader like me, it's "TGI
Monday". Now you know I just love this game. hehe...
PS. post a short-focus account record in this epic bull market. | d****7
发帖数: 2241 | 2 Thanks for sharing. How big is this current adjustment in your opinion?
reflections
of
to
【在 p***t 的大作中提到】
: On a warm summer evening, I'm feeling bloggy so I'll write some reflections
: here. After years of trading, I've developed my own style of trading. Here
: are some core strategies:
: -know what you play. I never play stocks that I don't understand. A rule of
: thumb is, if the Annual Report (10k) is more than 100 pages, I would pass.
: 10k for companies like BAC, AMZN,.. are as thick as big books. There is no
: fucking way for small retail trader like me to have the time and resource to
: fully understand the business. For most stocks I traded, even for very
: short term trade, I read the company's 10k, or latest 10Q.
: -know what you can trust. I focus more on balance sheet than income
| b*****s
发帖数: 1475 | 3 very nice, thanks for sharing | W******r
发帖数: 789 | 4 多谢分享。不过你说的这些不是strategy，而是原则。 | j*****h
发帖数: 3292 | 5 赞，和楼主风格接近，但股龄短，还在学习中
第二项，我是从balance sheet 转向了statement of cash flow,觉得更真实
还有就是holding period 比LZ更长 | w********2
发帖数: 16371 | 6 super good post
reflections
of
to
【在 p***t 的大作中提到】
: On a warm summer evening, I'm feeling bloggy so I'll write some reflections
: here. After years of trading, I've developed my own style of trading. Here
: are some core strategies:
: -know what you play. I never play stocks that I don't understand. A rule of
: thumb is, if the Annual Report (10k) is more than 100 pages, I would pass.
: 10k for companies like BAC, AMZN,.. are as thick as big books. There is no
: fucking way for small retail trader like me to have the time and resource to
: fully understand the business. For most stocks I traded, even for very
: short term trade, I read the company's 10k, or latest 10Q.
: -know what you can trust. I focus more on balance sheet than income
| j*****q
发帖数: 26 | | t******y
发帖数: 6206 | | x****7
发帖数: 895 | 9 trader w/ investor's mind. Great but may take years of practice to get there.
reflections
of
to
【在 p***t 的大作中提到】
: On a warm summer evening, I'm feeling bloggy so I'll write some reflections
: here. After years of trading, I've developed my own style of trading. Here
: are some core strategies:
: -know what you play. I never play stocks that I don't understand. A rule of
: thumb is, if the Annual Report (10k) is more than 100 pages, I would pass.
: 10k for companies like BAC, AMZN,.. are as thick as big books. There is no
: fucking way for small retail trader like me to have the time and resource to
: fully understand the business. For most stocks I traded, even for very
: short term trade, I read the company's 10k, or latest 10Q.
: -know what you can trust. I focus more on balance sheet than income
| r*****e
发帖数: 4611 | 10 挺有用的，谢谢
里面说的balance sheet的内容还可以帮助快速找有short fraud潜力的公司。 | | | Y****r
发帖数: 3473 | 11 why you cover the symbols up ........ the results are very hard to
understand | p***t
发帖数: 174 | 12 As a trader, I go where the market goes. I do try my best to forecast where
the general market goes. But I usually don't make my bets based on my
forecast of the general market, but on individual stocks' own cycles. Like
good chess players, I learn, memorize and capitalize on many patterns/set-
ups. These patterns work differently in different general market
environments. I'll keep playing certain patterns until they stop working. So
usually I have very good odds when the market keeps trending up, down, or
going side way. But I tend to lose some money when the market reaches
inflection points and starts to change direction. Those are the times that I
realize I need to observe, adapt, and change my approach. Once the market
find it's new baseline, I'll start to make money again.
I view loss during these periods as the cost of trading, just like my
utility bills. I do feel frustrated about loss, but won't get burned out
because every business has it's own cost.
I'm not a chartist or technical trader. The patterns/set-ups I mentioned are
not stock chart patterns. I'm a trader w/ investors mind. Chartists don't
read companys' financial reports. I'll talk more about that later.
【在 d****7 的大作中提到】
: Thanks for sharing. How big is this current adjustment in your opinion?
:
: reflections
: of
: to
| l**********s
发帖数: 50 | 13 说的太好了, 虽然我是做长期的, 不过还是膜拜你做事认真归纳总结的态度和自成体系
的能力 | m********7
发帖数: 1368 | 14 thanks a lot, very useful! | h******t
发帖数: 3858 | | K*******n
发帖数: 1466 | 16 Thank you!
★ 发自iPhone App: ChineseWeb 7.3 | b******n
发帖数: 104 | | B**********r
发帖数: 7517 | 18 原则很好。
就象下一盘围棋。知道棋局现状。做出要屠大龙的架势，实际上知道不可为。而只是赚
点小便宜，积小胜而最后以目数胜。
reflections
of
to
【在 p***t 的大作中提到】
: On a warm summer evening, I'm feeling bloggy so I'll write some reflections
: here. After years of trading, I've developed my own style of trading. Here
: are some core strategies:
: -know what you play. I never play stocks that I don't understand. A rule of
: thumb is, if the Annual Report (10k) is more than 100 pages, I would pass.
: 10k for companies like BAC, AMZN,.. are as thick as big books. There is no
: fucking way for small retail trader like me to have the time and resource to
: fully understand the business. For most stocks I traded, even for very
: short term trade, I read the company's 10k, or latest 10Q.
: -know what you can trust. I focus more on balance sheet than income
| r***s
发帖数: 1805 | 19 原则需要好多年才能体会, 其实比strategy重要. 这就是为什么人说多见几次外婆就知
道了. 炒了十几年有时侯也会破了原则, 是大忌.
【在 W******r 的大作中提到】
: 多谢分享。不过你说的这些不是strategy，而是原则。
| r***s
发帖数: 1805 | 20 高手! 我知道的高手只用两条均线就能做DT/SWING, 赢率极高.
where
So
I
【在 p***t 的大作中提到】
: As a trader, I go where the market goes. I do try my best to forecast where
: the general market goes. But I usually don't make my bets based on my
: forecast of the general market, but on individual stocks' own cycles. Like
: good chess players, I learn, memorize and capitalize on many patterns/set-
: ups. These patterns work differently in different general market
: environments. I'll keep playing certain patterns until they stop working. So
: usually I have very good odds when the market keeps trending up, down, or
: going side way. But I tend to lose some money when the market reaches
: inflection points and starts to change direction. Those are the times that I
: realize I need to observe, adapt, and change my approach. Once the market
| n**********d
发帖数: 270 | |
|
