CHICAGO, March 17, 2011 /PRNewswire/ -- Zacks highlights commentary from People and Picks Trader "MightyMo".
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RULES THAT WORK
March 17, 2011 - RELATED TICKERS: Ford (NYSE: F), First Majestic Silver (Canada) (NYSE: AG) and Dresser-Rand (NYSE: DRC).
Even before March 2007, when I became active in the market again, I have repeated stated that one can be successful in the market by following a few simple rules, money management rules.
One was to 'never let a profit turn into a loss'.
Another was to 'cut your losses short'.
More importantly, not only to believe in those rules but actually apply them in the real world. The idea is to avoid a large loss. One who follows the market closely has a multitude of methods and strategies to utilized to select winning stock and instruments. The idea however is to preserve capital and profits.
One following the above rules will certain to be 'out of the market' when the market takes on a on-going tumble.
The question now is what to do is you haven't follow the rules and are sitting on a portfolio tumbling south at this late point is THE WORST THING TO DO IN THE MIDDLE OF A PANIC IS TO SELL.
The market is in the mode of FEAR and PANIC. If one has follow the above rules, it's time to sit and watch for buying opportunities. I myself will wait for a market pullup before buying. I like buying when the market is going in the direction I want, however, in these EXTREME conditions, as the market sells off due to UNCERTAINTY, one can find excellent buying opportunities.
Although I am an aggressive buyer, I'm overly conservative in wanting to preserve capital and profits. Once a winner, I don't allow myself to become a loser. This type of current market is what I have consistently written about in the last two years. Anyone can make money when the bull is riding high. It's in these periods where rules really apply and allow one to remain in the game.
Accuracy in stock picking is not really important. What is very important is good money management skills.
The most recent picks by «MightyMo» are:
A buy rating on Ford (NYSE: F),
a buy rating on First Majestic Silver (Canada) (NYSE: AG) and
a buy rating on Dresser-Rand (NYSE: DRC).
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