Jack Carters Book "Profit Rich Stock Trades" Review

[Phoenix7]

Deadeye

Phoenix; To experiment with a system you need more than 3 trades. I’d recommend a minimum of 25.

As for the amount of each stock you buy, I prefer not to limit the position size by a fixed dollar amount but by the amount at risk. Let’s risk $500 per position. We can make it less if you are uncomfortable with that amount.

The person who makes the most money wins. That’s what trading is all about. You don’t spend a percentage, you spend dollars.

Why couldn’t you make changes after Mondays open? Let’s try and be realistic here. Trade like you would in real life. If your pick doesn’t work out, why not change it? What if your pick hits its target or stop on Tuesday?

I would never pick a stock when the market was closed and put in an order to buy on the open. I will pick a stock to watch and if it acts the way I want at the open, then and only then, will I take a position.

You say Jacks system calls for buying after 10:00 am so the opening price would not be realistic. If you are not available to watch the market Monday, give us your criteria for entering a trade, and we can decide if you get filled.

One question I have that Jack didn’t seem to answer is what do you do with a stock that doesn’t hit its target or stop after 10 days?

Also is the 8/5 exit strategy part of Jacks system?

DEAD EYE, This reminds me of the Republican Debates ......Basically what we have here is a circular firing squad LOL
Dead You may use your limit order which will probably be different than Monday's open NO PROBLEM!
I will use Monday's open as my start and so will Hags, but FRIDAY'S Close will be the end.
This will not be the ultimate test of any system , but it will show who came up with the best picks for the week percentage wise, and nothing more.
This could turn out to be an excercise in futility , but it will be fun , and a learning experience.
So my 3 PICKS will be here Sunday evening.
I will be wracking my brain trying to come up with 3 stock picks that conform best to the Jack Carter System.
GOOD LUCK TO THE 3 AMIGOS LOL!

[Deaddog]

This will not be the ultimate test of any system , but it will show who came up with the best picks for the week percentage wise, and nothing more.
This could turn out to be an excercise in futility , but it will be fun , and a learning experience.

Ski was right. You don't get it. It's not important that you come up with the best picks. What is important is how you play them.

We will enter you at the open. 5% stop and 8% target. $500 risk. Close any open positions on Friday.

[hags]

what he is saying is that he doesnt have enough confidence in Jack's picks to buy them himself but doesnt care that he posts them here where someone that doesnt understand who Jack is might buy them. It is a no win situation for both Deaddog and Hags. you can lose but you will never win. I wouldn't give one ounce of credence to this guys system by participating.

Actually I have to agree with that....and therefore withdraw my participation...I still plan to try the trading system I outlined, but I've found it's counterproductive to follow anyone that trades with Monopoly money...

best of luck.....hags

[Phoenix7]

Dead eye ok

Ski was right. You don't get it. It's not important that you come up with the best picks. What is important is how you play them.

We will enter you at the open. 5% stop and 8% target. $500 risk. Close any open positions on Friday.

Dead Eye I am cool with that no problem. As I had said this is just an EXPERIMENT , and it could prove interesting. One thing for sure is that we have attracted eyes to this post and probably to the Mr Market Site , and that is good .
What good is any system if the stock picks SUCK? If the picks prove good than we can perhaps formulate the best way to trade them . If the whole thing is a bust , well that is just the way it is. With HAGS OUT the bookkeeping is much simpler.
I will have my 3 picks sometime on Sunday.
Dead until than Phoenix 7 !

[Louetta]

Dead Eye I am cool with that no problem. As I had said this is just an EXPERIMENT , and it could prove interesting. One thing for sure is that we have attracted eyes to this post and probably to the Mr Market Site , and that is good .
What good is any system if the stock picks SUCK? If the picks prove good than we can perhaps formulate the best way to trade them . If the whole thing is a bust , well that is just the way it is. With HAGS OUT the bookkeeping is much simpler.
I will have my 3 picks sometime on Sunday.
Dead until than Phoenix 7 !

No it is not good if you've attracted eyes to this thread. This is bush league. $500 positions, bad language, no real trading or managing of the positions and it still sounds like you still think you are going to buy on Monday.

[Deaddog]

No it is not good if you've attracted eyes to this thread. This is bush league. $500 positions, bad language, no real trading or managing of the positions and it still sounds like you still think you are going to buy on Monday.

No girl $500 risk not a $500 position. I want Phoenix to think in dollars at risk not percentages.
Stops are in place, targets are defined, we have a time limit what else do you want

[em26jamie]

Oops....I just realized I filtered the A+ list to end up with those top three....maybe a step by step of the simplified system....

1.) Current Market Call is "Confirmed Rally":.....go long

2.) Current A+ stocks off of IICs Power Rating List (using the handy dandy list converter as well): SYNO , ZOLL , RGR , HITK , BKI , CBM , EBIX , ASPS , ANIK , CNC , CAST , ALXN , KOG , RAM , LQDT , UAN , SPPI , DXPE , OZRK , SIMO , HS , UTEK , SXL , SLXP , CRMT , CRBC , PRIM , CFX , ROST , FAST , WWWW , SCSS , GBX , TLEO , MDF , TRAK , VOXX

3.) List copied and pasted into Finviz Screener and filtered for the following fundy criteria:
EPS Growth next 5 Years: Positive
Sales Growth past 5 Years: Positive
EPS Growth Qtr over Qtr: Positive
Sales Growth Qtr over Qtr: Positive

List reduced to: ANIK, CAST, CBM, CFX, CNC, CRMT, DXPE, FAST, GBX, HS, KOG, LQDT, ROST, SIMO, SLXP, SYNO, TRAK, UTEK, ZOLL

Sort final list via lowest P/E: HS, CRMT, CBM

Buy at the open on Monday, exit at Friday close...7% stop loss from entry....target the moon....

Summation (from IIC): "Trade the best fundys when the techs are best"....and vice versa for our experiment...

hags

Not for nothing, Hags, but you may want to pick something other than HS. Price hasn't moved since Oct because they're being aquired by Cigna.

[Phoenix7]

Dead eye!

Dead the markets are closed MONDAY , so perhaps we can let the picks run until MONDAY CLOSE 1/17/12?

Here are my 3 PICKS CIE, LEN, and STX. You can use the 5/8 criteria discussed in one of the preceeding posts.
Have you decided on your 3 picks yet?
Have a beautiful weekend!

Phoenix7

[Deaddog]

Well here are the picks I have for tomorrow:

I have an early tee off so won’t be able to watch the market

Entry will be made if the price hits my stop limit orders. Why buy a stock that’s going down? Each order will have an attachment to set the stop and target exits as soon as the order is filled. In the case of a gap up the order won’t be filled unless it comes down to the limit price.

I’ll add a few extra picks that I’ll look at if the original orders aren’t filled.

DPS buy 1000 on stop @ 37.96 Limit 33.99; Stop @ 37.49 Target = 39.75

WXP buy 769 on stop @ 15.82 Limit 15.84; Stop @ 15.19 Target = 18

POT buy 735 on stop @ 44.81 Limit 44.83; Stop @ 42.99 Target = 51



Also on my watch list are ENB, QCOR, VPHM, ERF.
Below is the plan



Uploaded with ImageShack.us

[Phoenix7]

Well here are the picks I have for tomorrow:

I have an early tee off so won’t be able to watch the market

Entry will be made if the price hits my stop limit orders. Why buy a stock that’s going down? Each order will have an attachment to set the stop and target exits as soon as the order is filled. In the case of a gap up the order won’t be filled unless it comes down to the limit price.

I’ll add a few extra picks that I’ll look at if the original orders aren’t filled.

DPS buy 1000 on stop @ 37.96 Limit 33.99; Stop @ 37.49 Target = 39.75

WXP buy 769 on stop @ 15.82 Limit 15.84; Stop @ 15.19 Target = 18

POT buy 735 on stop @ 44.81 Limit 44.83; Stop @ 42.99 Target = 51



Also on my watch list are ENB, QCOR, VPHM, ERF.
Below is the plan



Uploaded with ImageShack.us

Nice picks , DPS, POT and WPX? Is this the WPX.TX? Toronto Stock Exchange.
They are distinctly different than mine which are basically momentum type stocks CIE, LEN, and STX.
Well GOOD LUCK to both of us.......Let the games begin.

[Deaddog]

Is this the WPX.TX? Toronto Stock Exchange.

WPX Energy on NY.

Can you tell us how your picks are Jack Carter picks?

What criteria are you using to pick these 3 stocks?

[Deaddog]

I guess the US markets are closed today.

My orders are GTC.

[Phoenix7]

Cie len stx

WPX Energy on NY.

Can you tell us how your picks are Jack Carter picks?

What criteria are you using to pick these 3 stocks?

All 3 stocks are or had been at 52 week highs.
All 3 Stocks are making higher highs and higher lows
All 3 stocks have upward trends.

That my friend is about it. CIE perhaps BEST approximates a Jack pick!

[Deaddog]

All 3 stocks are or had been at 52 week highs.
All 3 Stocks are making higher highs and higher lows
All 3 stocks have upward trends.

That my friend is about it. CIE perhaps BEST approximates a Jack pick!

I would have thought that the ideal pick would be a stock that had just made a 52 week high. Kind of a breakout. CIE@ 16.57, LEN @ 21.45, and STX @18.61

There are quite a few stocks that meet you criteria.
How do you narrow the picks down to 3?

What is it you like about CIE? It has stopped going up.

[Phoenix7]

Cie

I would have thought that the ideal pick would be a stock that had just made a 52 week high. Kind of a breakout. CIE@ 16.57, LEN @ 21.45, and STX @18.61

There are quite a few stocks that meet you criteria.
How do you narrow the picks down to 3?

What is it you like about CIE? It has stopped going up.

CIE is apparently "Resting" before marching higher. I have more stocks on my posting site.
Dead the next 5 days Tuesday til Monday 1/24/12 will provide us with some results ......then we can evaluate what happened.