My friend and fellow trader Derek Hernquist over at Integrative Capital invited me to attend a meeting last night. The speaker was Chuck Dukas of TRENDadvisor. I won’t discuss here is methodology but instead his understanding of what makes a trader successful, no matter the methodology. With over 25 years of experience trading and working with the most successful traders on the Street I believe what he has to say is right on target. In fact, I would say his wisdom is IN THE CROSSHAIRS. Mr Dukas shared three simple, basic elements for long term trading success and here they are:
1. Develop a solid METHODOLOGY: instead of trading one pattern one day and another the next or trading off pure emotion or what the next guru preaches simply find ONE methodology that has been proven to work over time and stick with it. It is boringly simple and is not for the Las Vegas inclined. According to Dukas it is vitally important that a trader understand the importance of “trading what you see, not what you feel or think.” In other words, a simple, well-thought out trading methodology will trump emotional feelings every time. If the market is bullish then trade accordingly, in spite of feeling or thinking that the market should be bearish. Without a methodology there is nothing but distorted psychology and arrogant hubris. Unless you have enough money to trade your feelings then you best trade a methodology.
2. Have a PLAN on how to trade the METHODOLOGY: it is one thing to have a methodology and quite another to have a planned methodology. Think of it this way: a football team puts together a set of plays, a “methodology” that it will use to take advantage of its opponent’s weaknesses and ultimately win the game. This team will run a particular play within this methodology depending on the circumstances. If it is third down and 20 yards to go, the plan will call for a long pass against a weak defender: not a quarterback sneak up the middle. The same with a trading PLAN. Your pattern, your edge, may…
A few days after wowing thousands of Republicans at a rally in Jackson, Mississippi, "Mr. Brexit" Nigel Farage, penned a letter (presented below) to the Daily Mail describing Trump as the "new Ronald Reagan." Even though he stopped short of endorsing Trump, a decision he made after condemning Obama for interjecting himself into the Brexit discussion, he did note that he "would not vote for Hillary Clinton even if she paid me."
Boyar Value Group letter for the second quarter ended June 30, 2016.
Boyar Value Group – Some Thoughts About The Market
The two-day decline in the U.S. stock market subsequent to Great Britain’s decision to exit the European Union saw the Dow Jones Industrial Average plummet by 871 points. However, it climbed 809 points in the next four days and continued its ascent thereafter.
This leaves investors in a familiar quandary: Questioning what catalysts could spur the market to new highs. In our last quarterly letter, we mentioned the Federal Reserve had forecasted four interest rate hikes for 2016. We opined that in all likelihood there would be only one additional rate hike, and that might not come until after the presidential election. The fragile global economic outlook coupled with anemic dome...
Traders, bloggers, media talking heads, and pundits of all stripes went into a feverish sweat as they anticipated the comments of Federal Reserve Chairman Janet Yellen at the annual economic summit held in Jackson Hole, Wyoming. When Yellen, arguably the most dovish Fed Chairman in history, uttered, “I believe the case for an increase in the federal funds rate has strengthened in recent months,” an endless stream of commentators used this opportunity to spout out a never-ending stream of predictions describing the looming consequences of such a potential rate increase.
As I’ve stated before, the Fed receives both too much blame and too much credit for...
Only two of the eight equity indexes on our global watch list posted week-over-week gains in our latest update, same as last week. The two Eurozone indexes, France's CAC and Germany's DAXK, were the two who finished in the green, a shift from the Asian advance the previous week, when the Shanghai and Hang Seng were the sole gainers. In fact, the Shanghai Composite did a complete flip from its 1.88% gain the previous week to its -1.22% finish on Friday. The average of the eight improved fractionally from -0.56% the previous week to -0.39% for the latest.
A Closer Look at the Last Four Weeks
The tables below provide a concise overview of performance comparisons over the past four weeks for these eight major indexes. We'...
Before-tax corporate earnings fell 4.9 percent in the second quarter from a year earlier, the fifth consecutive decline and the worst streak since the end of the recession in mid-2009, Commerce Department figures showed on Friday.
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Epizyme was founded in 2007, and trying to create drugs to treat patient's cancer by focusing on genetically-linked differences between normal and cancer cells. Cancer areas of focus include leukemia, Non-Hodgkin's lymphoma and breast cancer. One of the Epizme cofounders, H. Robert Horvitz, won the Nobel Prize in Medicine in 2002 for "discoveries concerning genetic regulation of organ development and programmed cell death."
Before discussing the drug targets of Epizyme, understanding epigenetics is crucial to comprehend the company's goals.
Genetic components are the DNA sequences that are 'inherited.' Some of these genes are stronger than others in their expression (e.g., eye color). Yet, some genes turn on or off due to external factors (environmental), and it is und...
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This post is for all our live virtual trade ideas and daily comments. Please click on "comments" below to follow our live discussion. All of our current trades are listed in the spreadsheet below, with entry price (1/2 in and All in), and exit prices (1/3 out, 2/3 out, and All out).
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This is a non-trading topic, but I wanted to post it during trading hours so as many eyes can see it as possible. Feel free to contact me directly at email@example.com with any questions.
Last fall there was some discussion on the PSW board regarding setting up a YouCaring donation page for a PSW member, Shadowfax. Since then, we have been looking into ways to help get him additional medical services and to pay down his medical debts. After following those leads, we are ready to move ahead with the YouCaring site. (Link is posted below.) Any help you can give will be greatly appreciated; not only to help aid in his medical bill debt, but to also show what a great community this group is.
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