After the market has dropped more than 20% and despite some encouraging recent earning reports, most analysts now agree that the U.S. market is already in recession. All of us have heard about the burst of the housing bubble, the banking bankruptcy crises, overextended consumer credit and more. The U.S. economy is surely slowing and is expected to grow much slower than the global rate of growth. However, if you thought that this decline is painful, think again! A 20% drop is significant, but it is only a relatively small fluctuation compared to the five (and even the ten) worst markets crashes in U.S. history.
The king of all crashes is the 1932 stock market crash. During the 810 days between April 1930 and August 1932, the market dropped 86%! Combined with the crash of 1929 (the 4th worst crash in the list), this created the greatest depression of all time. To recover from a loss like that, you need to increase your portfolio value by 615%! This was very difficult considering the fact that the market didn’t fully recover until 1954, 22 years later.
The second worst crash was the 1937-1938 crash. Five years after the end of the 1932 depression, when investors thought the market was finally on the right track, the market plunged again by 49% due to the war scare and Wall Street scandals.
The “Panic of 1907″, the stock market crash during 1906-1907, was the 3rd worst crash. Its primary cause was a retraction of loans by some banks that began in New York City and soon spread across the nation, leading to the closing of banks and businesses (sounds familiar…). To bring relief to the situation, the U.S. Treasury Department bought 36 million dollars worth of government bonds to offset the decline. However, only after J.P. Morgan stepped in and redirected money between banks and bought plummeting stocks of healthy corporations, the panic passed and the crash was over.
The next two crashes are the deadly 1929 crash, when the market declined by 48% in only two and a half months (!), and the post World War I boom crash, the 1919-1921 crash were the market dropped 46.5% (after it rose for more than 51%…). The 1929 crash was the shortest of all market crashes, but it kicked off what we now know as the Great Depression, which lasted until 1954.
Considering the large declines of these crashes can help you see the current bearish market decline in the correct perspective. Although these crashes were devastating, it is important to remember that after they bottomed the recovery was sharper and quicker than the declines. Excluding two cases in history, the patient stock market investors who held their stocks steadily and patiently came out of the crash on top.
August 1st, 2008
The first thing every investor learns is not to put all his eggs in one basket, which means – diversify your portfolio with a blend of securities or, in the case of a stock portfolio, a larger number of stocks. Diversification makes sense as long as you understand that over-diversification is as bad as under-diversification.
The main purpose of diversification is to protect you from losing money due to the risk involved in the stock market. This stock market risk is composed of two kinds of risks: the overall market risk and the individual business risk (let’s ignore inflation and currency risks in this post for simplicity). The market risk is the risk caused by the fluctuations in stock prices. Many factors can cause these fluctuations, starting from changes in individual companies, to revisions in sectors and changes in the overall economy. The fact that there is no definitive way to predict the direction of these fluctuations in advance, combined with market globalization, makes it almost impossible to reduce the market risk. In other words, unless you have a fortune teller’s skills, no matter which or how many stocks you hold, your portfolio will fluctuate in a manner similar to the market (on average). As a result, in a bearish (declining) market such as the market we are currently in, your picks will probably go down (again, on average),and vice versa - if the market trend is up, your portfolio will benefit from it.
This can be demonstrated by observing the portfolios of great market gurus; almost all their portfolios lost value due to the market drop in the past year. For example, Bill Miller and his Legg Mason Value Trust beat the S&P 500 from 1990 to 2005, but he’s down 30% a year to date. Investment expert Marty Whitman’s Third Avenue Value Fund, which returned more than 14% a year since 1990, is down about 17% so far this year. Even the all-time greatest value investor Warren Buffet’s company recently suffered major losses.
However, a wise diversification can definitely decrease the individual company risk while not reducing your chances to beat the market. The following chart presents the difference between the risks involved in a portfolio composed of a number of randomly selected stocks to the overall market. For example, if you hold only one stock, your portfolio will be 30% riskier than the market risk (risk is measured here as usual by the annual standard deviation).
Holding only a few stocks in your portfolio is obviously much riskier than holding 500 stocks. However, the additional risk rapidly decreases as the number of stocks increases; if you hold 15-20 stocks in your portfolio, even if they are randomly chosen, the risk will be only slightly higher than the market risk.
There’s no absolute best number of stocks to own. Too few and you’ve taken on too much risk. Too many and you’ve diluted the power of your holdings more than you needed to. Different numbers work for different people; it all depends on the level of confidence you have in the companies you chose.
As a rule of thumb, it is usually wise for novice investors to hold around two dozen stocks in their portfolio (but not more than that). As your level of research and margin of safety on each company rises, experienced investors can safely concentrate their portfolio on much fewer ideas, setting it to grow more quickly. In any case, remember that diversification by itself is not a magic word; it won’t do you any good if you don’t know what you’re doing. Therefore, do your homework and practice virtual stock market investing before putting your real money in the market.
July 27th, 2008
Indexes were created in order to evaluate trends in the financial markets. Index is a magic word most share market traders use, but very few can tell what an Index is, what are its components, and how is it being calculated. Most investors know just that if the index rises, it is a good sign and vice versa, if the index drops it is a bad sign. The true and full meaning of this term remains a mystery. Some investors, for example, also understand that if an index such as the Dow Jones Industrial declines by more than 20% it is considered a bear-market.
An analysis of today’s markets leaves no choice but to conclude that we are in bear market. Since the beginning of the year the Dow Jones index declined by more than 16%; in the past 12 months it declined by even higher percentage points. A similar conclusion can be reached when we realize that the NASDAQ composite index plunged YTD (Year-to-Date) by more than 12%. Thus the questions have to be asked: Are we really in a bear market? Is global economy facing a recession? I personally doubt the above conclusions and feel that it is the “cross-sector” indexes which create the unfavorable impression.
I would like to avoid getting into complex explanations of how an index is calculated and what do deviations mean, only to suggest that indexes should not be used when trying to make a wise investment decision. For example, the importance of banks and other financial institutions is relatively high when calculating a cross-sector index; this may lead to a distorted assessment of the economy if one looks only at the index, when the value of banks drops aggressively due to various reasons (as it happened recently due to the sub-prime mortgage crisis).
As previously mentioned the Dow Jones Industrial index lost more than 20% in recent months (16% in 2008), the NASDAQ composite is down 18% from its high value, and all these happened while the major financial institutes index lost 70% (!!!!) In the past 12 month. On the other hand the AIG Commodities index GAINED 25% YTD and energy indexes show more than a 30% GAIN, precious metals are up 5%, Transportation index up 5%, and the utility index remained flat.
The simple conclusion is that cross sector indexes do not have significant value and do not give a lot of valuable indication to investors. The experienced stock market trading investor should look mainly at indexes which represent specific sectors and even here to be very observant (the transportation index is composed from land transportation, oceanic transportation and airlines, each behaves differently). Mixing various sectors of the economy into one index may lead to erroneous conclusions about the health of the economy.
While as said above the cross sector indexes are sub-optimal in determining the status of the market, many investors are influenced by them and make buy/sell decisions according to these numbers. As we know, emotions do play a significant role in a price of a stock thus while financially an index may be not important, it may lead to a change in a tendency to buy or sell and therefore affect stock prices.
Shimtom
( Satisfied www.yalicoo.com player)
July 23rd, 2008
An online stock market game is something that will teach you how to play in the real stock market. There are many rules to putting money into stocks that you should really know before you start risking your hard earned cash. Places such as Yalicoo that have stock market competition and the stock trading game can help teach you the benefits of playing in a virtual stock market.
Virtual trading will look as real as the true stock market. It is designed to give you the latest news, updates, quotes, and graphs of the stock market without you investing your money. With Yalicoo you even have stock trading competition to try your skills against others who are learning just like you. The first thing you should know about online virtual stock trading is that you should be having fun while learning something.
Your stock market game will begin with 100,000 dollars for you to invest in stocks. The stocks you choose need to be based on the qualifications rather than your gut. In other words you need to research the stocks carefully to understand how they are expected to move and what the risk is in them. You get to choose what stocks you buy or sell based on the real time price, but you still need to know what you are choosing. The stock market competition can help you learn which stocks to choose. You are playing against others to make the most profitable portfolio and the top winners get cash prizes.
Once a stock has been researched you are not through with the stock trading game. In fact you have just begun. Even in the virtual trading you need to have a well rounded portfolio. This means that you have four to ten stocks in a variety of industries. There should be one stock in an industry in your portfolio. You don’t want to have a portfolio that plays off of each other even in a stock trading competition. For example if you have an energy stock you don’t want to buy the competitive companies stock. You are going to lose in that type of situation. The same can be said for trains, which are really hot buys right now. You don’t want to have the 3 train stocks available on the US market. One will go down and the other up and keep you in a stalemate.
The virtual stock market should be followed just like it was a real portfolio. In this we mean you will need to sell a stock if the news is bad and the numbers begin to reflect the downturn. You want to sell when the stock reaches the peak, not once it has already fallen and is too late. In this case you would be losing money again.
Since you are trying to earn money in the market you need to watch the virtual trading every day. You need to listen to the news and see what could happen to your stock. Trust that your knowledge as you delve further into the game will teach you when to sell or hold. You don’t want to panic either and sell too soon. By learning the trends of the stocks you are interested in before buying you should be able to pick some great stocks.
July 12th, 2008
Investing in the stock market can be a very scary option for some. In fact until many get into the world of trading it is a heavy risk they are just not willing to undertake lightly. Companies have finally begun to understand the regular individual’s hesitation in getting into the market and therefore they have created stock market games that will simulate the real time stock market. Yalicoo is one of those companies offering virtual stock market trading to help the consumer learn how to trade in real time.
Yalicoo is offering more than just the virtual stock market. They are also offering an incentive of money to play when you earn a winning portfolio. In this article we will look at a few tips to help you in the online stock market game.
The stock market game as we mentioned is based on real time trading. Any stock you are interested in is going to be the real information those in the stock market are trading. One stock that has been a hit currently has been trains. While this is primarily in the US it doesn’t matter as you can trade on any stock exchange that you would like. Trains have been a huge success as fuel prices rise making it easier to send items via train rather than truck. We mention this stock to give you an idea of what real trading would be like. By looking up a symbol you will learn the news, what it is trading at, what the hi and lo has been for the day, and whether or not a stock is strong.
Currency is something else to be interested in even in the virtual stock market. Currency such as the GBP is strong when you compare it to the USD. In this case trading of currency is done in pairs. So if you buy the GBP you have that stock to trade if the dollar becomes stronger. By trading in a virtual world rather than live on the stock market game you can find out when to buy or sell.
There is also a potential to learn about options. Options are a safer way of trading with your money. You can option a stock without owning the stock outright. In other words you buy an option and then someone else buys that option from you. Options are pretty advanced trading techniques, but learning them in the safety of a virtual stock market will be safe and fun.
Once you learn how to trade you can decide to go live with real money or just continue to use the portfolio in the virtual stock market for the fun of the game.
July 6th, 2008
Online virtual stock trading can be very useful if you are not ready to take the risks of real stock market trading. Trading on the stock market can be a harrowing experience if you don’t know what you are doing. In fact, many individuals tend to choose stocks that they know like the company they work for or even something like Yahoo. However, they choose the companies based on the names and how well they know the company, not on the data that is really important.
With the beginners guide to online virtual stock trading, we are trying to point you in a better direction to win real money in competitions as well as learn how to play the stock market. In this stock market game you don’t have to worry about losing your shirt, house, and other possessions. The stock market game is going to teach you how to play in the big leagues with real trading. Yalicoo is a great site to start on in order to learn how to play online virtual stock trading.
The first thing you should know about the virtual stock market is that everything is live, just like it would be on the real stock market. The prices you are quoted with the game money are going to be the real prices for that day. This is what makes the stock trading competition so much fun.
Research is very important, whether you are playing a stock market competition at Yalicoo or spending your money for real on the market. You need to know what the company is trading at, the performance for the last year, and where the stock is sitting on the market. By reading the news, seeing graphs, and watching the stock for a few months you can understand what great stocks to buy in are and what stocks you need to stay away from. The beauty of the stock trading game with Yalicoo is that you are doing the buying without putting up any of your money. This helps you learn.
The next step to online virtual stock trading is choosing a few stocks to play with. Look at the information and then virtually buy the stock. You might just find the stock is a great one to purchase for real, or you might need to learn a few more lessons in how to pick a good stock.
Even in the virtual world you need to constantly listen to the news on the stocks you are buying. These stocks could split, lower, or increase on a whim, and following the news even after you bought the stock is imperative so you know when to sell and get out. Yalicoo can help you play the virtual stock market to learn from.
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Written by David Maxwell. David Maxwell is a professional day trader, trading coach and avid investor. He is also the Chief Financial Analyst at Yalicoo, a virtual stock trading competition website where the users get: real time quotes , are able to view all other competitors portfolios in real time and invest virtually at the same time as they Win real cash money.
For more info on stock market games visit http://www.yalicoo.com/
June 30th, 2008
At this point you are probably a bit confused. Should I believe the fundamental investors or the technician? Do I value a stock according to the quality of its management or can I just take a look at the numbers? Is it actually true that mathematical description of the pattern of the stock graph can lead me to success in the stock market?
Well, the confusion can be over. We have a great idea for you. Join us at Yalicoo, and practice and find your favorite strategy!
In Yalicoo you can build and manage your own virtual stock portfolios and trade stocks using real time quotes. This is exactly the same as real life trading, but without investing real money, thus there is no risk involved. Yalicoo makes it possible for you to verify the success of large variety of strategies. And, while testing these strategies you can also win thousands of dollars cash prizes by creating winning stock portfolios.
June 26th, 2008
Did you ever heard of Fibonacci, moving averages or candlestick charting? Well, these are few of technical analysis basic tools. Technical investors believe that all the information about a given stock can be viewed by reviewing its past and present statistics, such as the trend in the volume of stocks traded and the stock price chart (the graph of the stock price change over time). Then, by mathematically analyzing the behavior of the graph and using statistical analysis they (hypothetically) can identify patterns suggesting the future behavior of the price.
Usually, technical analysis is used for the short term, since it is too hard to predict patterns way into the future (although there are some who try).
There are three basic assumptions behind technical analysis. The first states that stock price reflects everything you need to know; therefore, technical analysts assume that fundamental factors and the market psychology are already priced into the price. Second, technical analysis assumes that price of a stock moves in trends. This means that after a trend has been established, the future trend is more likely to continue in the same direction than going against it.
Finally, technical analysis is strongly based on the underlying assumption that historical patterns tend to repeat themselves. In simple words, it means that investors tend to react more or less the same way to similar market events over time.
Although it may seem straightforward, there is almost infinite number of mathematical techniques and tools for technical analysis. Most of the technicians are first trying to figure out the overall trend of the price change in order to conclude if it is an uptrend or downtrend. Mathematical pattern descriptions such as moving averages, oscillators and other indicators are the tools which assist the technical investor to apply this analysis.
Then, the investors start to understand the smaller details inside the trend and see if there is any support or resistance to this trend. For example an uptrend with a support in trading volume could be a good indicator for the stock price to continue climbing up. This might be a good time to buy the stock. On the other hand, if there is a strong resistance to the uptrend, it might be a good time to sell if you hold the stock.
Technical analysis is not simple and definitely not absolute. In addition technical investors want to know even more details. They also want to know for example the specific shape of the graph pattern; it could be classified as having a head shape, a shoulder, a cup or even a handle.
Feel confused? It is OK. Technical analysis is complicated at first sight. The large variety of techniques requires you to educate yourself regarding its basic rules. Then, if you choose to use it, you will have to improve your skills by practicing the different techniques. Yalicoo is a great place for this purpose (and we will get to that shortly).
There is a vast debate both in the academic and in the private world about the capability of these technical techniques to beat the market. Studies tend to show that technical analysis does not work for the long run, but it is much harder to test it on the short run, since many of technical analysis conclusions are not that conclusive.
June 26th, 2008
When you buy a stock you are actually buying a proportional share in a business. There are therefore investors who believe that in order to figure out how much a stock is worth, one should determine how much the whole business is worth. This is done, for example, by examining the financials of the company in terms of per-share values; this in turn helps calculate how much the proportional share of the company is worth. This analyzing philosophy is the basis of fundamental analysis.
In addition, fundamental investors have to consider other aspects of the business, such as the quality and experience of the management, the competitive environment, future growth prospects and many other fundamentals issues which may affect the success of the business.
While the above analysis may seem reasonable and appropriate, there are other methods investors use, each with its strengths and weaknesses. These approaches have some issues in common, while they may differ in other aspects. Some investors therefore use a blend of approaches to achieve optimal valuation or growth.
In the following paragraphs we briefly summarize the most common types of fundamental analysis approaches, and explain the general description of each one of them.
Value investing
The foundation of value investing goes back to the 30’s, when Benjamin Graham first published his widely known book ‘Security Analysis’, which for the first time suggested quantitative measurements of valuing a business. The goal of a value investor is to buy shares of companies traded at a large discount to their intrinsic value. This means that while the company and therefore its shares may be worth more than the current price of the shares, for one reason or another the shares are sold cheaper than they “should”.
Valuing the intrinsic value of a company is not an easy task and there are many paths you can elect to do so. In general, value investors are using the financial sheets, such as the balance sheet and income and cash flow statements, in order to find those undervalued companies.
One way to value a company can be done by comparing the ratio between various financial parameters of the business to those shown in other companies from similar sectors or in the entire market in general (a ratio means to divide one parameter by another one). For example, a price to earning ratio (P/E – dividing the price of a stock by the company earnings of last 12 month) below a certain limit, or a book value at relatively low level, can give an indication of the company stock traded at a discount level.
Growth investing
As the name implies, growth investing deals with the potential of a company to grow relatively rapid in sales and earnings in the future. Investors choosing this method of analysis usually plan to hold their stocks for a long (and sometime even very long) period of time in order to “ride” on the increment in stock price as further into the future as possible.
As in value investing, there are many different ways to measure growth. Usually, growth investors are looking at the quality of the business and try to predict if measures such as sales and earnings growth rate will continue to be well above the industry or market average.
Growth method of investing is often considered as the opposite method of value investing, since the main interest is not the company’s current value, but its future growth potential. A better way to view these two strategies is may be to consider a quote by Warren Buffet: “growth and value investing are joined at the hip”. The confirmation for this statement is the commonly used hybrid GARP (Growth At Reasonable Price) method which combines the two strategies (see next paragraph).
GARP investing
GARP is the acronym for Growth At Reasonable Price. The world according to GARP investors combines the value and growth philosophies - looking for undervalued companies with high growth potential. Thus, GARPers do not just hold a portfolio of value stocks and growth stock; they select stocks which have both the characteristics of value and growth. For example, they are using the not well commonly known PEG (Price to Earning Growth) ratio, which compares a stock’s P/E ratio to its expected EPS growth rate (the P/E divided by the annual Earning Per Share growth).
A PEG below 1 implies that the stock’s present price is lower than it should be given its earnings growth. This stock could be interesting for GARPers, since the analysis may give an indication that the stock is undervalued compared to the company’s growth. Plainly put, the GARP investors are searching for companies that will be cheap tomorrow if the growth occurs as expected.
One of the biggest supporters of the GARP approach is Peter Lynch, who is considered to be the most successful fund manger of all times, due to his phenomenal average return of 29% in the 13 years he managed the Fidelity Magellan fund, turning 20 million to more than 14 billion dollars.
Although GARP might sound like the perfect strategy, combining growth and value investing is not as easy as it sounds, and success in the GARP strategy requires a thorough understanding of the involved strategies.
Income investing
One of the most straight forward strategies is income investing (called sometime dividend investing). Income investors concentrate on companies providing a steady stream of income. Don’t confuse steady income with fixed income securities, such as the interest you will get by investing in bonds. In income companies, the income is paid by dividends. A company’s excess net profit can be either reinvested in the business in order to expand it, or it can be distributed among shareholders in the form of dividends.
Profitable large companies, like Johnson & Johnson, which are not rapidly expanding, generally pay high yield dividends to their shareholders (calculated as the annual dividend per share divided by the stock price). Income investors are looking for those companies and enjoy their dividends stream as a part of their current income.
Qualitative investing
Qualitative investors are focused on the quality of the company- its financial quality as well as its human resources quality. The ROE (Return On Equity) or the ROA (Return On Assets), for example, are two commonly used measures determining the quality of the company, as they measure how much profit it generates using the money shareholders have invested in it or relative to the assets it holds.
Qualitative investors believe that behind every successful business there is great management. Thus, quality can also be measured by the excellence of the company’s executives. These people are the visionaries and leaders who make the strategic decisions regarding the company’s future and therefore determine the fate of the business. Therefore, it might be crucial to evaluate their “value” since ultimately it will affect the price of the stock.
Obviously, a person can not simply be valued quantitatively; but, you can try to figure it out by checking past and present performance, and the future plans of the management. Qualitative investors look for answers to questions such as who are the managers, where did they study and where did they work before joining the business and what is their track record in this or other companies.
For example, if the CEO (Chief Executive Officer) has worked in a successful oil company before joining the company, it could be good indication of his capability to run a company in the oil industry (whether drilling, equipment, distribution, etc). Additional questions, such as what is the management’s philosophy and what are their plans for the future, can give further insights of their chances to successfully grow the business.
Quantitative Analysis
Quantitative analysis is all about numbers. The underlying assumption behind this philosophy is that the conclusions based on different measures rather than the pure numbers, such as the quality of the management or the competitive environment, are based on subjective judgments. Quantitative investors believe that the numbers themselves are the only data that can be analyzed objectively.
Benjamin Graham, who is also known as the “father of value investing”, was the pioneer of quantitative methods. After the 1929 market crash, he developed a simple technique to analyze the numbers rising from the financial sheets of the company. He popularized the examination of well known ratios such as the price to earning (P/E) ratio, debt to equity ratio, book value, earning growth and others. Graham was focused on the objective numbers rather than other fundamental subjective data such as the quality of the management.
During the years, a significant amount of academic and actual research has been conducted in order to uncover the optimal method to crunch the numbers. The fast development in computers makes it easy today to analyze quickly the numbers of companies using a simple automatic tools or manual screeners. This has lead to variety of quantitative methods.
For example, there are investors who choose to trade companies by their size (their market capitalization – the stock price multiplied by the number of outstanding stocks); some investors choose small cap companies (companies with market cap between $100 million to $500 million), since history shows that small cap companies tend to have higher returns on average compared to larger ones. One reasonable explanation for this result is the fact that smaller companies have got much room to grow; thus, they could have much larger growth rate.
On the other hand, small companies usually reinvest most of their excess profits in the business itself, and don’t pay regular dividends as do some larger companies.
Most quantitative investors today use a set of screening criteria to screen for their winning stocks. There are various criteria used, from the simple P/E ratio to more complicated ratios.
The use of strategies to evaluate and pick stocks has become so popular today that most financial internet sites have their own designated screeners and ranking methods.
Among the variety of quantitative methods, there is the well known CANSLIM method, developed by William J. O’Neil, which is a hybrid of quantitative analysis and technical analysis (the analysis we will discuss next). Each letter in the acronym stands for a key factor to look for in a company. The “C” and the “A” stands for Current quarterly and Annual increment in earnings. The “N” stands for New things in the business such as new products, new management and so forth. “S” is the short for Small market cap with big demands for its stocks.
The next, “L”, tells you to verify if the company is a Leader or it is Laggard compared to other companies in its industry. The “I” symbolizes the Institutional sponsorship (meaning which financial institutions hold a significant percentage of the company’s stock) and the “M” stands for the direction of the Market.
As previously mentioned, this strategy also includes various components of technical analysis such as cutting all losses at no more than 7% or 8% below the buy point (i.e. if the price of a stock you hold falls more than 7-8% from the original buy price it should be sold).
June 26th, 2008
Some investors like to compare the stock market to a supermarket: you go through the isles, pick up the products you like based on marketing and price comparison and buy it. In case you do not like the product- you return it for (hopefully) a full refund of the purchase price.
Needless to say, in spite of the similarities the two markets are not exactly the same. When you buy (or sell) stocks, options, bonds and other securities, you pay commission to your broker for executing your orders. Unlike the supermarket where a full refund can be expected upon return of a defective item, when selling a stock in one of the exchanges you will get a “refund” at the current price of this stock. This could be higher than the initial buying price, in which case you profit; on the other hand, it could be much lower and you lose a part of your savings.
The purpose of investing in the stock market is to choose winning stocks, sell them at a profit and increase your capital. Therefore, it requires that you develop a trading strategy or blend of strategies in advance, a strategy that will fit your plans and tolerance for risk. This can help you avoid making mistakes while potentially bring you profits.
Yalicoo is a unique arena that can assist you achieve this purpose. We do it by letting you practice variety of strategies using real time quotes, and without the risk involved in investing real life savings.
In general, there are two main branches of analyses which are used by investors: fundamental analysis and technical analysis. The fundamental method concentrates on the business and the financial numbers while the technical strategy deals with the technical details such as the behavior of the stock price over time or the trading volume. Each strategy is composed from many sub-methods. For starters, let us first understand the general concept behind each strategy and review the sub-methods used by investors in the stock market.
June 26th, 2008
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