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《How to Make Money in Stocks》
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作者: William J. O’Neil
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出版: McGraw-Hill Education
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出版时间: 2009-7-16
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Broad diversification is plainly and simply often a hedge for ignorance.
2023-09-16
In order to sell, big investors must have buyers to absorb their stock. Therefore, consider selling if a stock runs up and then good news or major publicity (a cover article in Business Week, for example) is released.
2023-09-16
New highs on low volume. Some stocks will make new highs on lower or poor volume. As the stock goes higher. volume trends lower, suggesting that big investors have lost their appetite for the stock.
2023-09-16
Signs of distribution. After a long advance, heavy daily volume with-out further upside price progress signals distribution. Sell your stock before unsuspecting buyers are overwhelmed. Also know when savvy investors are due to have a long-term capital gain.
2023-09-15
In a few cases, around the top of a climax run, a stock may retrace the prior week’s large price spread from the prior week’s low to its high point and close the week up a little, with volume remaining very high. I call this “railroad tracks” because on a weekly chart, you’ll see two parallel vertical lines. This is a sign of continued heavy volume distribution without real additional price progress for the week.
2023-09-15
First, buying precisely right solves most of your seling problems. If you buy at exactly the right time off a proper daily or weekly chart base in the first place, and you do not chase or pyramid a stock when it’s extended in price more than 5% past a correct pivot buy point, you will be in a position to sit through most normal corrections. Winning stocks very rarely drop 8%
2023-09-15
You’re never a loser until you quit and give up or start blaming other people
2023-09-14
your objective in the market was not to be right, but to make big money when you were right.
2023-09-12
If you don’t sell early, you’ll be late. Your object is to make and take significant gains and not get excited, optimistic, greedy, or emotionally carried away as your stock’s advance gets stronger. Keep in mind the old saying: “Bulls make money and bears make money, but pigs get slaughtered.”
2023-09-12
Forget your ego, swallow your pride, stop trying to argue with the market, and don’t get emotionally attached to any stock that’s losing you money. Remember: there are no good stocks; they’re all bad .. unless they go up in price.
2023-09-12
Knowing and acting is better than hoping or guessing.
2023-09-11
Small losses are cheap insurance, and they’re the only insurance you can buy on your investments. Even if a stock moves up after you sell it, as many surely will, you will have accomplished your critical objective of keeping all your losses small, and you’ll still have money to try again for a winner in another stock.
2023-09-11
Every 50% loss began as a 10% or 20% loss. Having the raw courage to sell and take your loss cheerfully is the only way you can protect yourself against the possibility of much greater devastating losses. Decision and action should be instantaneous and simultaneous. To be a big winner, you must learn to make decisions. I’ve known at least a dozen educated and otherwise intelligent people who were completely wiped out solely because they would not sell and cut a loss.
2023-09-11
Individual investors should definitely set firm rules limiting the loss on the initial capital they have invested in each stock to an absolute maximum of 7% or 8%. Institutional investors who lessen their overall risk by taking large positions and diversifying broadly are unable to move into and out of stocks quickly enough to follow such a loss-cutting plan. This is a terrific advantage you, the nimble decisive individual investor, have over the institutions. So use it, or lose your edge.
2023-09-11
In fact, you’ll probably be right less than half the time! You positively must understand and accept that the first rule for the highly successful individual investor is .. always cut short and limit every single loss. To do this takes never-ending discipline and courage.
2023-09-11
The few people I’ve known over the years who’ve been unquestionably successful investing in America were decisive individuals without huge egos. The market has a simple way of whittling all excessive pride and overblown egos down to size. After all, the whole idea is to be completely objective and recognize what the marketplace is telling you, rather than try- ing to prove that what you said or did yesterday or six weeks ago was right. The fastest way to take a bath in the stock market is to try to prove that you are right and the market is wrong. Humility and common sense provide essential balance.
2023-09-11
What we do is identify companies with strong fundamentals-large sales and earnings increases resulting from unique new products or services-and then buy their stocks when they emerge from properly formed price consolidation periods and before they run up dramatically in price during bull markets.
2023-09-11
the key to staying on top of the stock market is not predicting or knowing what the market is going to do. It’s knowing and understanding what the market has actually done in the past few weeks and what it is currently doing now.
2023-09-11
Starting on the fourth day of the attempted rally, look for one of the major averages to “follow through”with a booming gain on heavier volume than the day before. This tells you the rally is far more likely to be real. The most powerful follow-throughs usually occur on the fourth to seventh days of the rally.
2023-09-11
When you make a mistake in the stock market, the only sound thing to do is to correct it. Don’t fight it. Pride and ego never pay off; neither does vacillation when losses start to show up.
2023-09-11
Even turkeys can try to fly in a windstorm.
心得：风来了猪都会飞。
2023-09-11
You’ll know that the initial bounce back is feeble if(1) the index advances in price on the third, fourth, or fifth rally day, but on volume that is lower than that of the day before, (2)the average makes little net upward price progress compared with its progress the day before, or (3)the market average recovers less than half of the initial drop from its former absolute intraday high. When you see these weak rallies and failures, further selling is advisable.
2023-09-11
To detect a market top, keep a close eye on the daily S&P 500, NYSE Composite, Dow 30, and Nasdaq Composite as they work their way higher. On one of the days in the uptrend, volume for the market as a whole will increase from the day before, but the index itself will show stalling action (a signifi- cantly smaller price increase for the day compared with the prior day’s much larger price increase). I call this “heavy volume without further price progress up. “The average doesn’t have to close down for the day, but in most instances it will, making the distribution (selling) much easier to see, as pro- fessional investors liquidate stock. The spread from the average’s daily high to its daily low may in some cases be a little wider than on previous days.
2023-09-11
Selling short can be profitable, but be forewarned: it’s a very difficult and highly specialized skil that should be attempted only during bear markets. Few people make money at it.
2023-09-11
Never, ever try to ride through a bear market on margin.
2023-09-11
Institutional sponsorship refers to the shares of any stock owned by such institutions.
2023-09-10
Search for companies that have developed important new products or services, or that have benefited from new management or materially
improved industry conditions. Then buy their stocks when they are emerging from sound, correctly analyzed price consolidation patterns and are close to, or actually making, new price highs on increased volume.
improved industry conditions. Then buy their stocks when they are emerging from sound, correctly analyzed price consolidation patterns and are close to, or actually making, new price highs on increased volume.
2023-09-10
If the stock is more than 5% or 10% above the exact buy point off the base, it should be avoided. Buying it at this level greatly increases the chance of getting shaken out in the next normal correction or sharp pullback in price. You can’t just buy the best stocks any old time.
2023-09-10
What seems too high in price and risky to the majority usually goes higher eventually, and what seems low and cheap usually goes lower.
2023-09-10
Buy stocks with proven records of significant sales and earnings growth in each of the last three years plus strong recent quarterly improvements and a high return on equity. Get the best chart service you can find; learn to spot sound chart patterns and combine your new charting skill with the stocks with great earnings, sales, and return on equity. Don’t accept anything less .. if you want better results.
2023-09-10
The stocks you select should show a major percentage increase in current quarterly earnings per share (the most recently reported quarter) when compared to the prior year’s same quarter.
2023-09-09
Supply areas more than two years old create less resistance. Of course, a stock that has just broken out into new high ground for the first time has no overhead supply to contend with, which adds to its appeal.
2023-09-09
Overhead supply is when there are significant downtrend.
These areas of resistance represent prior purchases of a stock and serve to limit and frustrate its upward movement because the investors who made these purchases are motivated to sell when the price returns to their entry point.from
These areas of resistance represent prior purchases of a stock and serve to limit and frustrate its upward movement because the investors who made these purchases are motivated to sell when the price returns to their entry point.from
2023-09-09
Your objective isn’t to buy at the cheapest price or near the low, but to begin buying at exactly the right time, when your chances for success are greatest. This means that you have to learn to wait for a stock to move up and trade at your buy point before you make an initial commitment.
2023-09-08
On a weekly chart, tightness is defined as small price variations from high to low for the week, with several consecutive weeks’ prices closing unchanged or remarkably near the previous week’s close. If the base pattern has a wide spread between the week’s high and low points every week, it’s been constantly in the market’s eye and frequently will not succeed when it breaks out.
2023-09-08
It’s normal for growth stocks to create cup patterns during intermediate declines in the general market and to correct 1.50 to 2.5 times the market averages. Your best choices are generally stocks with base patterns that deteriorate the least during an intermediate market decline. Whether you’re in a bull market or a bear market, stock downturns that exceed 2 times the market averages are usually too wide and loose and must be regarded with suspicion.
2023-09-07
All these wise actions are totally contrary to human nature! In reality, the stock market is human nature and crowd psychology on daily display, plus the age-old law of supply and demand at work.
2023-09-06
You also must acquaint yourself with daily, weekly, and monthly price and volume charts-an invaluable tool the best professionals wouldn’t do without but amateurs tend to dismiss as irrelevant.
2023-09-06
You learn to always sell stocks quickly when you have a small 7 or 8% loss rather than waiting and hoping they’ll come back. Many don’t.
2023-09-06
You buy stocks when they’re nearer to their highs for the year, not when they’ve sunk lower and look cheap. You buy higher-priced, better quality stocks rather than the lowest-priced stocks.
2023-09-06
You buy stocks when they’re on the way up in price, not on the way down And when you buy more, you do it only after the stock has risen from your purchase price, not after it has fallen below it.
2023-09-06