The problem with all charting programs is that they leave you hanging. While you don’t need upwards of 75% (that means all to me) of the BS bells and whistles they provide you, you do need more real estate on the screen for the price data for your imagination to kick in.
And don’t underestimate the limitless power of your imagination – it’s the engine in becoming a great contrarian. The full quote from Einstein is: “Imagination is more important than knowledge. For knowledge is limited to all we now know and understand, while imagination embraces the entire world, and all there ever will be to understand.”
When a security is in a strong uptrend, the price no doubt rests in the upper right hand corner of the screen. In my experience, that’s when investors and traders suffer the most debilitating paralysis of analysis. The lack of blank space above the price does not leave much to the imagination as to where the security is going, even if you show weekly or monthly charts.
In the top right corner, the two emotions of regret and fear are in full force when in fact you should be feeling a deep sense of love for the opportunity you’ve been presented. You might regret not having purchased the security long ago, and at multi-year or 52-week highs, you are frozen from taking action because the price is too high: you’re afraid to lose money and you’re afraid that it won’t go any higher.
My advice is this: Learn to love the hot corner. This is just one example of a lesson that I use to coach traders what’s possible if they open their minds. We also determine the appropriateness of such strategies for the trader given his emotional state and budget constraints. Part of it is learning to deal with big numbers.
This video below explains this phenomenon and provides you with a way to trade one such security — Google — a security with a very high per share price to boot.
If this type of trade is outside your thinking, then you might consider working with me and getting set for a big 2014.