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This is where I get confused. I thought waiting for an uptrend is timing the market
No. Timing the market is where a buyer or seller believes they are buying at the bottom or selling at the top. Very hard to do. Waiting for a trend reversal, i.e. lower high is replaced with a higher low, effectively guarantees you'll miss the bottom (or top). The important difference however is that my risk of loss is now greatly reduced because I waited for confirmation thereby increasing my probability of a successful trade.
Have used the above method when entering or exiting a trade with repeated success on spot markets. It requires a lot of emotional control, however. It is not easy.
"Never argue with stupid people, they will drag you down to their level and beat you with experience". Mark Twain
I just got lucky selling my CNA at 50% gain. In only 3 months might I add.
And I've said it before if you look at the time frame you held it for you would have been hard pressed to find a stock that was doing less than that. Most people were up 80% in the same time frame so being up 50% but still the bottom end of the gains isn't really much to shout about.
Didn't AtW make 300% in the same period?
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