CANSLIM.net Help Lines
954-785-1121 OR 1-888-CAN-SLIM

 


>>> UPGRADE YOUR MEMBERSHIP NOW AND GET IT ALL - CLICK HERE
INM Feb '07 - Luck Has Very Little To Do With Real Success
Kenneth J. Gruneisen, Founder and Contributing Writer, www.CANSLIM.net
CANSLIM.net


Let's start with a few comments concerning one of the ideas which regular readers should notice was mentioned (along with others) in a favorable light in my column last month.  Lam Research  (LRCX) gapped down on January 18th, falling -14.6% in one day and slicing under its 50-day and its 200-day moving average (DMA) lines.  Volume spiked to more than 4-times its average volume and higher than any other single day on its daily chart, which is considered a very clear technical sell signal.  Poor action like that usually doesn’t heal itself quickly, so the odds would suggest that this is not the time think about holding and toughing it out.  The smart thing to do when you get caught in a nasty blow-up is to always eliminate failing stocks quickly.  Part of the reason why I wanted to address this subject is because our office still receives occasional calls from disappointed folks who refer to one of yesterday’s favorites that later fell apart badly.  It can get depressing hearing stories from those “unlucky” people lacking the discipline to limit losses once any stock falls more than 7-8% from their buy price.

 

I recently told a friend to be watching during the Superbowl halftime show for a possible glimpse of me on the field.  Right away he exclaimed, “You are so lucky!”  However, my being on the hallowed gridiron is not going to be a complete stroke of luck.  I will admit there are many factors outside of my control.  And, sure, I feel lucky.  But this is not a case of being at the right place at the right time.  I was “lucky” because I was attentive and looking for opportunities to get into the game.  Then, I volunteered and made a commitment of my time rehearsing on several precious evenings. 

 

I have heard the same “you are so lucky” remarks before when talking about a winning stock position.  Be ready to hear it yourself one day, because when you stick to the CAN SLIM® investment system and start enjoying big gains that are worth talking about it, the remark is sure to be directed at you!  People just do not seem to want to let others take credit for great investment results, so instead they will often dismiss others’ success stories as “luck”.  It is easier on some egos to say that others have simply been lucky, rather than to admitting that others are perhaps more prepared and more disciplined. 

 

Some of you are probably thinking to yourselves by now, “I don’t care if people call it luck or not, as long as I can just make some money.”  My point is, when you make money investing, you definitely deserve to give yourself some of the credit.  Don’t get any delusions of grandeur, but don’t let anyone get away with calling you “lucky” without setting the record straight on how you arrived at your profitable destination.  Imagine an NFL player approaching the Indianapolis Colts’ quarterback, Peyton Manning, and saying, “Awww, man, you’re so lucky your team made it to the Superbowl.”  Do you think Manning would simply agree with anyone who said it was luck that got him there?

 

Along with patting yourselves on the back for doing a good job, investors also have the responsibility of accepting a fair portion of the blame for any failures.  Nobody wants to listen to NFL players making sorry excuses for their team not even making the playoffs.  If you didn’t make it, then it is time to get back into training camp, get fit, and get prepared to win.  That is, unless you have given up and decided that you don’t want to compete on the brutal battleground anymore.

 

Winners know that it is important to continually practice and train.  Otherwise, it becomes much more difficult to win big, and then you really will need to be lucky.  CANSLIM.net’s daily reports are written in a way that should help you keep a good grasp on the market direction, and the ongoing coverage helps you to interpret the day to day action in leading stocks.  Attending the upcoming Webcast on Thursday, February 22nd at 8-9PM EST is another great way that might help you sharpen your skills and keep familiar with market leaders.

About Kenneth J. Gruneisen, Founder and Contributing Writer, www.CANSLIM.net :
Kenneth J. Gruneisen has successfully completed the CAN SLIM® Certification Program.  Mr. Gruneisen became a Registered Representative in 1987 and his career includes experience offering personalized assistance to investors with more than a decade of experience as a Registered Principal managing a branch office.

The recommendations made by CAN SLIM® certified individuals are their own and may not be attributed to the CAN SLIM® Certification Program, William O'Neil & Co., Investor's Business Daily or their affiliates. The CAN SLIM® Certification indicates only that the individual has successfully completed the CAN SLIM® Certification Program. CAN SLIM®, William O'Neil & Co., Investor's Business Daily and any of their affiliates are in no way responsible for any loss or damage caused as a result of the services provided by these individuals.


Comments contained in the body of this report are technical opinions only and are not necessarily those of Gruneisen Growth Corp. The material herein has been obtained from sources believed to be reliable and accurate, however, its accuracy and completeness cannot be guaranteed. Our firm, employees, and customers may effect transactions, including transactions contrary to any recommendation herein, or have positions in the securities mentioned herein or options with respect thereto. Any recommendation contained in this report may not be suitable for all investors and it is not to be deemed an offer or solicitation on our part with respect to the purchase or sale of any securities.

Related Content :

The recommendations made by CAN SLIM® Certified individuals are their own and may not be attributed to the CAN SLIM® Certification Program, William O'Neil + Co., Investor's Business Daily or their affiliates. The CAN SLIM® Certification indicates only that the individual has successfully completed the CAN SLIM® Certification Program. CAN SLIM®, William O'Neil + Co., Investor's Business Daily and any of their affiliates are in no way responsible for any loss or damage caused as a result of the services provided by these individuals.

Copyright © 1996-2014 Gruneisen Growth Corp. d/b/a www.canslim.net  All rights reserved. Protected by the copyright laws of the United States and Canada and by international treaties.  The names "CANSLIM" and "CAN SLIM®" are service marks and trade names of Investor's Business Daily, Inc., a California corporation, and are used by Gruneisen Growth Corp., a Florida corporation, under license. GGC is solely responsible for the operation of and opinions expressed in this Website. Daily Graphs® and Daily Graphs Online® are registered trademarks of William O'Neil + Co. Incorporated and are used with permission.

Privacy Policy | Terms of Use | Contact Us