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What's Your Perspective? -- By: Bill Kraft
Copyright 2009, Makin' Hay, Inc., All Rights Reserved
Bill Kraft
Editor |
I've been writing these articles for quite a long time, now (maybe
too long) and I have received many, many comments. Some have been very
thoughtful, others very kind, and some just plain annoying, but, in
retrospect, they have taught me a lot about the widely varied
perspectives of the readers. I know, for example, that if I write
anything with even the slightest political overtones I can expect high
praise and ultimate damnation. I've seen that I can rile up the
readership with any discussion of social security and I certainly am not
going to discuss health care. I once entitled an article "More Than One
Way to Skin a Cat" and got a couple of the nastiest comments I ever hope
to receive. I guess those few readers took it a little too literally
and thought I was going to write a set of instructions. Actually, using
language from Mark Twain's A Connecticut Yankee in King Arthur's
Court, I only meant there were many ways to accomplish a task.
Last weekend, there were a couple of apparently divergent comments
on the blog that got me to thinking about the different perspectives
readers have as they read these articles. The first comment suggested I
publish all my trades and that they be audited. Better for business the
writer believed. While I am sure it was very well meaning, it indicated
to me that the commentator was probably both suspicious and
unbelieving. He didn't just want to see everything I was doing, he
wanted it audited. I'll return to that perspective shortly.
The other commentator (whom I do not know) reported that he has
been in the trading business for 33 years and referred to my articles as
"a breath of fresh air," and went on to elaborate how important the
concept about which I had written was to successful trading.
So, as I see it, we had two very different perspectives. The old
pro affirmed that I had at least attempted to write about an important
and useful concept. The other writer, whose experience is unknown to
me, was looking for some higher proof of credibility. I don't blame him
for searching for the credible in a sea of information and
misinformation. I guess what I want to say is that the suspicious
fellow need only test the information for himself. That is something I
have been advocating for years. Paper trade the strategy. See if it
works; if it doesn't then you can be assured I am full of bean soup. If
it does work, maybe you have been given some valuable information. If it
is valuable, use it.
Motive, too, is important. I, quite frankly, have several motives
in writing these articles. Though the disbelievers will automatically
reject the first motive, it is that I really do want to help people
succeed. Secondarily, I would like it if you bought my books or signed
up for one of my paid subscription services, but I will tell you that
whether or not you buy a book or sign up for a subscription service will
have almost no effect on my life. Of course, I do receive some modest
income from each of those endeavors, but if they were my livelihood I
would probably starve to death. The same is true of income from the few
coaching sessions I do each year. I do them because they are fun; they
are challenging, and they help keep me sharp in my own trading. Whether
I do them or not has no influence on my life or lifestyle other than to
require me to devote 10 or 15 days a year to try to help someone else
solve their own trading problems.
So, bottom line, whatever you do is up to you. You can choose to
believe or disbelieve. It doesn't matter to me except when I am called
dishonest. You can come from a trusting or distrusting perspective, but
in the end, it is you who must determine, on your own and for yourself,
what is or is not worthy. It seems, though, that if you are really
serious about your own trading you should not reject things out of hand
or make some demand that my life be audited for you. Instead, how about
reading the concepts, see if they make common sense, apply them in
situations where you are not putting money at risk (like paper trading),
see whether or not they work, and if they do, use them; if they don't
work, reject them. The responsibility can only lie with you.
Good Trading!
Bill Kraft
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Ultra Financials ProShares (UYG)
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Trend Trader -- by Bill Kraft
Trend trading as we try to practice it is a form of momentum trading. We prefer to try to capture profit out of the middle of the trend rather than try to catch reversal at bottoms and tops.
Here's a look at a trade Bill is currently working on:
Electronic Arts Inc. (ERTS)
After forming a multiple bottom earlier in the month, ERTS
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Good Trading!
Bill Kraft
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$10 Trader -- by Bill Kraft
We really enjoy trading stocks that are $10 and under. Often they provide the chance to enjoy high percentage gains and, of course, at worst, the risk is limited to what we paid for the stock.
Here's a look at a trade Bill is currently working on:
Transportadora de Gas Del Sur S.A. (TGS)
This foreign utility has recently come up off the mat and
has gradually been working its way up since the last quarter of 2008. It
looks like it may encounter some resistance between $3 and $3.25, but a
break through that level or even a retreat to the trend line on the
daily chart and a bounce might offer an interesting upside opportunity.
Good Trading!
Bill Kraft
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