mikeh131 asked 3 years ago
Pat & Owen,
I'm a bit confused and think some others may be as well based on twitter questions. Your tweeted this morning that $BSM was being taken off the list due to low volume. I'd seen this stock the day before and actually got shaken out with a tight stop. I was glad to see it on the list and was ready to enter. I then decided not to when I saw the "Off List" tweet. In the Key List video, you'd stated that "we own it" which indicates it was purchased although off the list. Did I miss a change to its designation during the day (certainly possible). Or, are there times where it's appropriate to buy even if officially off the list? Thanks.
2 Answers
Owen Staff answered 3 years ago
Hi Mike,
I made this video [audio] for you...
https://www.youtube.com/watch?v=uaF_Vjjphdg
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Owen, thank you (again) for taking the time for a video reply. The psychological element of trading is immensely interesting. I’m coming to terms with the fact that I need to take ownership of my own trading decisions (with the guidance of professionals) and am more frustrated with myself than anything. Have a good one.
Indeed. It’s why you’ll hear Pat say, “It’s not what is before your eyes, but what is between your ears.”
Psychology is paramount in what we do. And for that reason it takes a very long time to become proficient.
It’s a lengthy process of setting aside our egos while extrapolating explanations and understanding of why the market does what it does. A fundamental basis for this process begins with immersion into the technicals. And that immersive study breaks down to a vigilant watch of price and volume.
It’s all about price and volume, my friend. Price and volume.