Good morning. Last week I told you that I was going to a discussion over at MIT concerning technical analysis. Specifically, Joseph E. Majocha was going to speak about his website Selective Chartists.
In general I thought Joe had some good stuff to say. I give him credit for getting up in front of, what I thought were, some pretty confident and cocky people. There was one older man named Herb who was basically giving Joe a tough time. One time he asked Joe where Martha Stewart would have sold. Joe did not answer but I could not restrain myself. I chirped out, "the top!"
The one thing that I got from this meeting was that there is no magic bullet. We all have the same tools. We may interpret information differently, which is what separates those who make money from those who don't.
The other point that Joe said, but went unnoticed, was that he cut his losses quickly. Preserve your capital and get another chance to make money. Let's face, not all trades will be winners.
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