Mastering Approach to Swing Trading
In the dynamic and often intricate world of stock trading, the name Mark Minervini stands out with considerable authority and respect. A legendary figure in the realm of finance, Minervini has carved out a niche for himself as a veritable guru of swing trading, a technique where traders seek to capture gains in a stock within a period of a few days to several weeks. His reputation is not merely built on success, but on a consistent, methodical approach that has been refined over decades of experience. Minervini's journey from an aspiring trader to a U.S. Investing Champion is a testament to his profound understanding of market dynamics and his unwavering dedication to his craft.
At the core of Minervini's success and teachings lies his Specific Entry Point Analysis (SEPA)., a methodology that has revolutionized the way traders approach the stock market. SEPA isn’t just a trading strategy; it's a comprehensive framework that synthesizes technical analysis, fundamental analysis, risk management, and psychology into a cohesive system. This approach focuses on identifying high-potential stocks before they make significant price moves, enabling traders to enter trades at the most opportune moments.
Central to the SEPA methodology is the belief that stock trading transcends merely selecting winning stocks, but doing so in a way that meticulously manages risk and maximizes potential rewards. It's about understanding the nuances of market trends, recognizing the right patterns, and acting on them with precision. Minervini’s methodology stands out for its emphasis on buying stocks that are not just rising, but are poised to continue their ascent, all while maintaining a strict risk management protocol to protect against losses.
The importance of SEPA in swing trading is truly paramount. In a domain where timing is everything, SEPA provides a structured approach to identifying the most opportune moments to enter and exit trades. This methodology empowers traders to make informed decisions, backed by a blend of technical indicators and a deep understanding of market psychology. Whether for seasoned traders or those new to the field, mastering SEPA is akin to gaining a new lens through which the stock market's movements can be deciphered more clearly and profitably.
Exploring the complexities of SEPA reveals that it is more than a mere collection of rules; it is a philosophy that shapes every choice in the volatile realm of swing trading. This approach stands as a tribute to Minervini's brilliance and serves as a guiding light for those steering through the constantly changing tides of the stock market.
The Specific Entry Point Analysis (SEPA) methodology was developed by Mark Minervini, a distinguished personality in the field of stock trading. This approach was born from Minervini's relentless pursuit of a reliable, systematic strategy for swing trading—a pursuit fuelled by years of rigorous study, trial, and real-world application. What sets SEPA apart is its genesis in both the triumphs and setbacks Minervini experienced in the early stages of his career. By dissecting each trade and meticulously analysing market patterns, he distilled a set of principles that would become the cornerstone of SEPA. This methodology isn't just a set of techniques; it's the crystallization of hard-earned wisdom and a deep understanding of market mechanics.
The core principles of SEPA are simplicity, convenience, and cost-effectiveness.
SEPA is based on four fundamental pillars: risk management, stock selection, market timing, and entry points. Each element is vital to the methodology's success.
2. Stock Selection: SEPA advocates for a meticulous
selection process, emphasizing stocks with the highest potential for growth.
This involves analysing companies with strong fundamentals—such as earnings
growth, market leadership, and industry strength—and overlaying this with
technical analysis to identify stocks poised for breakout.
3. Market Timing: Understanding the market's mood is vital
in SEPA. It's not just about what to buy or sell, but when to do it. SEPA
stresses the importance of aligning trades with the overall market direction
and sentiment. This synchronization with market cycles is crucial for
maximizing trade efficiency.
4. Entry Points: SEPA distinguishes itself with its focus on
'specific entry points.' The methodology prescribes entering a stock at a point
where the probability of upward momentum is highest and before the majority of
the move has occurred. This precision in timing entry points is what often
differentiates successful trades from the rest.
The Essence of Risk-Reward Ratio
A fundamental element of SEPA is the focus on a favourable risk-reward ratio. Minervini advocates for a principle where the potential gain of a trade should substantially exceed the potential loss. This concept is not just
about setting a high bar for potential profits; it's about ensuring that each
trade is entered with a clear understanding of the potential loss and a plan to
mitigate it. The risk-reward ratio is a crucial metric in SEPA, guiding traders
to make decisions that align with their risk tolerance and trading goals.
One of the keystones of SEPA is the focus on price trends
and pattern recognition. This involves analysing historical price movements and
chart patterns to predict future stock performance. Minervini emphasizes the
importance of identifying stocks in a strong uptrend, characterized by higher
highs and higher lows. He also looks for specific chart patterns that
historically precede significant price increases, such as cup-and-handle or
tight consolidation patterns. These patterns are indicative of a stock accumulating
strength before a potential breakout.
Volume plays a critical role in validating the price movements of a stock. In SEPA, significant price moves accompanied by high volume are considered more credible and sustainable. High trading volume suggests a strong conviction in the stock's movement, whether it’s an upward surge or a downward trend. Minervini pays close attention to volume spikes, particularly when they coincide with breakout moments from established patterns, as these often signal the start of a major price move.
Relative Strength Compared to the Market
Relative strength is a key concept in SEPA, referring to a
stock's performance in relation to the overall market or its specific sector.
Stocks that outperform the market, especially during periods of general market
weakness, are often prime candidates in SEPA analysis. This outperformance
indicates inherent strength and investor confidence, suggesting that the stock
may continue to thrive even in less favourable market conditions.
While SEPA heavily incorporates technical analysis, it also
places significant importance on a company's fundamentals. Criteria such as
earnings growth, sales growth, return on equity, profit margins, and debt
levels are carefully examined. Minervini looks for companies with strong,
consistent earnings growth, robust sales figures, and solid financial health.
These factors are crucial as they provide a sound basis for a stock's potential
for long-term growth, beyond just technical indicators.
The essence of SEPA lies in the harmonious integration of
technical and fundamental analysis. While technical analysis helps in timing
the market and identifying entry points, fundamental analysis offers a deeper
insight into a company’s intrinsic value and growth potential. This dual
approach enables traders to make well-rounded decisions, balancing immediate
market signals with long-term company performance.
Minervini's SEPA method teaches that neither technical nor
fundamental analysis should be used in isolation. By combining both, traders
can filter out noise, focusing on stocks that not only show promising technical
patterns but are also fundamentally strong. This comprehensive approach is what
sets SEPA apart and has contributed to its effectiveness and popularity among
traders.
Identifying Trading Opportunities with SEPA Criteria
SEPA is not just about finding the right stocks; it's
equally about timing the market. This aspect involves understanding and
interpreting market cycles and overall market sentiment. Minervini emphasizes
the importance of aligning trades with the broader market direction. A bullish
stock in a bearish market, or vice versa, might not perform as expected.
Traders using SEPA stay attuned to market trends, economic indicators, and
investor sentiment, using them as a backdrop against which individual stock
performances are gauged. This sensitivity to the market's rhythm helps in
making informed decisions about when to enter and exit trades.
A critical component of the SEPA methodology is determining
the precise entry point for a trade. This decision is based on a confluence of
technical indicators, including the completion of a bullish chart pattern and a
corresponding increase in trading volume. The ideal entry point is often just
after a stock breaks out of a consolidation pattern, signalling the start of a
potential uptrend. However, timing is key; entering too early or too late can
significantly affect the trade's outcome. SEPA traders use a combination of
real-time analysis and historical patterns to identify these specific entry
points, seeking to maximize gains and minimize exposure to volatility.
Risk management is a cornerstone of the SEPA approach.
Minervini advocates for setting strict stop-loss orders to protect against
unforeseen market movements. A stop-loss order is an automatic sell order set
at a certain price level, usually below the purchase price, to limit potential
losses. Determining the stop-loss level involves assessing the stock's
volatility and the trader's risk tolerance. This proactive approach to risk
management ensures that losses are contained, and capital preservation is prioritized.
Case Study 1: The Tech Breakout
A prominent example
involves a technology stock that showcased a classic cup-and-handle pattern on
its chart. The stock was also showing strong relative strength compared to the
overall market and was backed by solid earnings growth. The entry point was
identified just as the stock was breaking out of the pattern, coupled with a
significant increase in volume. This trade was successful because it adhered to
all the SEPA criteria: a strong technical pattern, high relative strength,
sound fundamentals, and a clear entry point marked by increased volume.
Case Study 2: The Retail Surge
Another instance
involved a retail company that had been consolidating for several months but
maintained a strong earnings record. When the stock eventually broke out of its
consolidation range on high volume, it signalled a strong buy under the SEPA
methodology. The trade capitalized on the combination of a bullish technical
signal and robust fundamental performance.
Why Certain Trades Work and Others Don’t
In analysing these successful trades, it's evident that
their success hinged on a strict adherence to the SEPA criteria. Conversely,
trades that fail often do so because one or more of these criteria were
overlooked or misinterpreted. For example, entering a trade solely based on a
technical pattern without considering the stock's fundamental strength or the
overall market sentiment can lead to unfavourable outcomes. Similarly, ignoring
the importance of volume as a confirmation for a breakout can result in false
signals.
1. The Importance of a Holistic Approach: Successful trades
often result from a balanced consideration of both technical and fundamental
factors. Relying too heavily on one aspect can lead to missed signals or
misjudgements.
2. Timing and Precision Matter: Entry and exit points are
crucial in the SEPA methodology. Even the right stock, if traded at the wrong
time, can lead to suboptimal results.
3. Risk Management is Key: The trades that fare best under
SEPA are those where risk management rules are strictly followed. This includes
setting appropriate stop-loss levels and being willing to exit a trade when the
initial analysis is no longer valid.
4. Market Context is Essential: Understanding the broader
market environment is critical. A strong stock in a weak market, or vice versa,
may not perform as expected.
1. Overemphasis on Technical Analysis: One common mistake is
focusing too heavily on technical indicators while neglecting fundamental
analysis. While SEPA does involve meticulous chart and pattern analysis,
disregarding a company’s fundamental health can lead to risky investments in
stocks with weak financials or poor growth prospects.
2. Misinterpreting Volume Signals: Another challenge is
correctly interpreting volume dynamics. Some traders might misread volume
spikes or overlook the importance of volume in confirming breakout patterns,
leading to false entries or exits.
3. Ignoring Market Context: Traders sometimes fail to
consider the broader market sentiment or trend, which is critical in SEPA. A
bullish stock in a bearish market might not perform as anticipated, and vice
versa.
4. Poor Risk Management: Perhaps the most critical mistake
is inadequate risk management. This includes setting inappropriate stop-loss
orders or not adhering to them, resulting in larger than necessary losses.
1. Balanced Analysis: Ensure a balanced approach that
considers both technical and fundamental aspects of a stock. This means not
just looking at chart patterns but also at a company's earnings, growth
potential, and financial stability.
2. Thorough Volume Analysis: Pay close attention to volume
patterns and learn to interpret them correctly. High volume should accompany
significant price moves, especially during breakouts.
3. Market Awareness: Stay informed about overall market
trends and sentiment. Aligning individual trades with the general market
direction is crucial for the success of the SEPA methodology.
4. Disciplined Risk Management: Establish clear risk management rules, including strict stop-loss orders, and adhere to them rigorously. It's better to exit a losing trade early than to hope for a turnaround that may never come.
Tips for Beginners Adopting SEPA
1. Start with Education: Familiarize yourself thoroughly
with the SEPA methodology. Understand its principles, strategies, and the
rationale behind them.
2. Practice with Paper Trading: Before investing real money,
practice with paper trading to get a feel for how SEPA works in real market
conditions without financial risk.
3. Learn from Mistakes: Analyse every trade, successful or
not, to understand what worked and what didn’t. Learning from mistakes is as
important as celebrating successes.
4. Stay Disciplined: Discipline is key in trading. Stick to
your analysis and don’t let emotions drive your trading decisions.
5. Seek Community and Resources: Engage with a community of
SEPA traders and seek out educational resources to continuously improve your
understanding and application of the methodology.
1. Bull Markets: In a strong bull market, SEPA traders can
look for stocks showing relative strength and breaking out from sound
consolidation patterns. Here, the focus can be on aggressive growth stocks with
higher potential for rapid gains.
2. Bear Markets: During bearish phases, SEPA strategies can
be adjusted to focus on defensive stocks or sectors that tend to outperform the
market. In such conditions, more stringent criteria for entry points and
tighter stop-loss orders are advisable to manage the heightened risk.
3. Sideways Markets: In range-bound markets, traders might
concentrate on stocks with strong fundamentals that are showing relative
strength against the market, trading within well-defined channels. Here, buying
at the lower channel and selling at the upper channel, or shorting at the upper
channel and covering at the lower channel, can be effective.
1. Combining with Quantitative Analysis: Experienced traders
can combine SEPA with quantitative analysis tools, such as algorithmic trading
systems, to identify potential trade setups more efficiently.
2. Using Options for Leverage and Hedging: Implementing
options strategies alongside SEPA can provide leverage and hedging
capabilities. For instance, buying calls on stocks that are breaking out or
selling puts on stocks near support levels can enhance returns while managing
risk.
3. Sector Rotation Strategies: Understanding and applying
sector rotation strategies in conjunction with SEPA can be beneficial. This
involves shifting investments among stock market sectors as the economy moves
through different phases of the business cycle.
4. Incorporating Sentiment Analysis: Advanced traders can
integrate market sentiment tools, such as social media analysis and news
sentiment indicators, to gauge investor sentiment and potential market
directions that might impact their SEPA strategies.
5. Risk Diversification Techniques: Implementing risk
diversification techniques, such as spreading capital across various sectors
and not over-concentrating in a single stock, can help manage overall portfolio
risk.
6. Continuous Learning and Adaptation: Finally, it's crucial
for seasoned traders to stay abreast of new market trends, economic
developments, and trading technologies. This continuous learning and adaptation
can lead to more refined and effective SEPA strategies.
SEPA in the Digital Age
Embracing Technology in SEPA Analysis
2. Artificial Intelligence and Machine Learning: AI and
machine learning are revolutionizing the way traders analyse the market. These
technologies can process vast amounts of data – from price movements to
economic indicators – at speeds and depths beyond human capability. For SEPA
traders, this means more precise pattern recognition, enhanced predictive
analytics, and better risk assessment models.
3. Algorithmic Trading: Algorithms can be designed to automatically identify stocks that meet the SEPA criteria, execute trades at optimal entry points, and manage risk with pre-set rules. This automation not only speeds up the trading process but also helps in maintaining discipline, a key aspect of the SEPA strategy.
Future Prospects of SEPA in Evolving Financial Markets
2. Integration with Emerging Technologies: The integration
of SEPA with emerging technologies like blockchain and decentralized finance
(DeFi) platforms could open new opportunities. These technologies might offer
more transparent and efficient market data, enhancing the accuracy of SEPA
analysis.
3. Educational and Collaborative Tools: The proliferation of
online trading communities and educational resources will make SEPA
methodologies more accessible to a broader audience. Collaborative tools and
platforms can facilitate knowledge sharing and collective analysis, benefiting
traders at all levels.
4. Sustainability and Ethical Investing: As the trend
towards sustainable and ethical investing grows, SEPA strategies might also
evolve to include environmental, social, and governance (ESG) criteria in stock
selection and analysis.
5. Globalization of Markets: The globalization of financial markets offers SEPA traders a broader canvas. Adapting SEPA to different regional markets and economic conditions will be crucial for traders looking to capitalize on global opportunities.
Synthesizing the SEPA Journey
• The Four Pillars: We began by understanding the
foundational elements of SEPA: risk management, stock selection, market timing,
and precise entry points. These pillars form the bedrock of the SEPA approach,
guiding traders through the complexities of market dynamics.
• Criteria for Stock Selection: Delving deeper, we examined
the specific criteria SEPA employs for choosing stocks, including price trends,
volume analysis, relative strength, and fundamental analysis. The synergy
between technical and fundamental analysis emerged as a critical aspect of
effective stock selection.
• The Trading Process: The SEPA trading process,
encompassing opportunity identification, market timing, entry strategies, and
risk management, was dissected to provide a roadmap for practical application.
• Learning from Real-world Cases: Through case studies and
real-world examples, we observed SEPA in action, learning from both successes
and failures to glean valuable insights into effective trading strategies.
• Navigating Challenges: Recognizing common pitfalls and
challenges in SEPA helped us understand the importance of a balanced,
disciplined approach, particularly for those new to the methodology.
• Advancing with SEPA: For the experienced trader, we
explored advanced strategies and adaptations of SEPA in varying market
conditions, emphasizing the role of continuous learning and adaptation.
SEPA's relevance in modern swing trading remains robust. Its principles of disciplined risk management, combined with a keen analysis of market trends and stock fundamentals, provide a timeless framework suitable for navigating the ever-changing financial markets. As markets evolve, the core tenets of SEPA continue to offer valuable guidance for traders seeking to maximize their trading potential.
A Call to Continuous Learning and Application
The journey with SEPA doesn't end here. Whether you're a novice
trader just starting out or an experienced market participant, the SEPA
methodology offers a path for growth and refinement in your trading practices.
The world of trading is dynamic and requires a commitment to continuous
learning, adaptation, and disciplined application of proven strategies.
As you integrate SEPA into your trading toolbox, remember that the journey is as much about personal growth as it is about financial success. Embrace the lessons, celebrate the successes, and learn from the challenges. SEPA is more than just a strategy; it's a pathway to becoming a more astute, resilient, and successful trader. In Chapter 3, Mark introduces his winning system (SEPA). But first he explains his losing strategy from the 1980s.
When stocks were trading near their historical lows, I figured they had to be bargains. It wasn’t long before I realized that many of these stocks were low-priced for good reason and in most cases were on their way to lower lows. He also noticed that many stocks on the 52-week-high list went even higher.
Influences
Mark was influenced by Richard Love’s book Super-performance Stocks. Chapter 7 looked at what big winning stocks had in common. Love focused on stocks that went up 300% or more and covered the period between 1962 to 1976. Then in 1988, Mark read an article in the Financial Analyst Journal by Marc R. Reinganum called “Anatomy of a Stock Market Winner.” This study looked at stocks that went up 100% during the period from 1970 to 1983. Cross-referencing the two, Mark became convinced that this “reverse factor modelling” had merit, with two key lessons:
1. There is a right time and a wrong time to buy stocks.
2. Super performance stocks are identifiable before their dramatic price increase.
Mark also cites “The Relative Strength Concept of Common
Stock Price Forecasting” by Robert A. Levy. This helped him to focus on price strength. And he liked Edward S. Jensen’s “Stock Market Blueprints”
for each type of stock (income, growth, cyclical growth, and dynamic growth). He also liked trend following rules. These include buying and selling of stocks when the 5-day MA
crosses the 20-day MA. And William L. Jiler’s work on chart patterns was also
influential.
When computers became cheap enough to have at home (late 1980s, kids), Mark worked all this information up into what he calls The Leadership Profile.
This is a blueprint of what makes a super performance stock. Mark compares all stocks with this to see how well they match. See also: Minervini 5 - Charts and Primary Bases Specific Entry Point Analysis (SEPA®). Once he knew what kind of stocks he was looking for, Mark focused on timing his entries and exits. He was looking for high-probability entries with good risk-reward ratios. When he had this worked out, the SEPA system was born.
The system comprises five elements:
1. Trend - A price uptrend refers to the movement of a financial asset's price when the overall direction is upward, characterized by each successive peak and trough being higher than the ones found earlier in the trend. This pattern indicates a bullish sentiment among investors and suggests a continuous increase in the asset's value over time.
SEPA ranking process
Mark also provides an overview of his process:
Stocks must satisfy a Trend Template - A series of filters based on earnings, sales and margin growth, relative strength, and price volatility are then applied. 95% of trending stocks will fail the filters. Those that pass is matched against the Leadership Profile. This includes both fundamental and technical factors.
The final stage is a manual review, using the following characteristics: Reported earnings and sales. Earnings and sales surprise history. Earnings per share (EPS) growth and acceleration. Revenue growth and acceleration. Company-issued guidance. Revisions of analysts’ earnings estimates. Profit margins. Industry and market position. Potential catalysts (new products and services or industry- or company-specific developments). Performance compared with other stocks in same sector. Price and trading volume analysis
Liquidity risk
The process is designed to identify potential for: Future earnings and sales surprises and positive estimate revisions. Institutional volume support significant buying demand. Rapid price appreciation based on a supply/demand imbalance, lack of selling vs buying. This is all to find the “Probability Convergence” – the point with the lowest risk and the highest potential for reward. My goal is to purchase a stock and be at a profit immediately.
Super-performance traits
Mark ends the chapter with some of the common traits of super-performance stocks that he has identified: Decent earnings are usually already on the table. Most stocks had fundamental and technical outperformance before their biggest gains. Coming out of a bear market or correction. More than 90% of big winners began their surges here. During a bear market, only a handful of stocks tend to outperform. Less than 10 years into their stock-market listing. They could have been private companies for many years before their IPO. You mustn’t shy away from names you have never heard of. Most super performers are small to medium firms. Sometimes a large cap will super perform as a turnaround, or after a bear market, but Mark would take profits more quickly here. Look for smaller firms that are in their growth phase (accelerating earning and sales). They should already be profitable and have proven that their business model can scale.
Stock Screening
Mark uses stock screens, but he cautions against making them too complicated. You may inadvertently eliminate good candidates that meet all your criteria except for one. He likes to run several screens that are based on smaller lists of compatible criteria. So, there would be a screen for relative price strength and trend. And a separate fundamental screen based on earnings and sales. Some names will recur, while others will appear on only one list.
We’ll leave it there for today. We’ve covered three out of thirteen chapters. It’s a relatively long book for an investing manual, and I think it’s unlikely that we’ll cover it in our usual four articles. Five or six seem more likely at this stage, but we’ll see how it goes. This is a very American book, with a lot of emphasis on determination and self-belief. But what we’ve covered of the system so far seems reasonable. It reminds me of Weinstein’s Stage System, but with a layer of fundamental analysis added on top of the technical. I’ll be back in a few weeks with the next couple of chapters, which cover Value and Trend.
Recap the history
In 1988, Minervini developed his own investment strategy —
Specific Entry Point Analysis (SEPA). SEPA is a highly disciplined stock
trading method, referred to as a ‘surgical-precision trading strategy’. The
method is based on the analysis of historically emerged ‘super-performance
stocks’, encompassing both company fundamentals analysis and technical analysis
of stocks. Its evaluation criteria include rigorous research, decades of
application, and observable facts. SEPA focuses on identifying underpriced stocks
to find the best low-risk/high-return entry points. With SEPA, stocks with
great potential for significant gains can be accurately identified.
1. Trend Model,
2. Fundamentals,
3. Catalysts,
4. Buying Timing (Entry Point), and
5. Selling Timing (Exit Point).
The analysis process of SEPA is as follows: A stock must first satisfy the ‘Trend Model’ to become a SEPA candidate. Stocks that meet the Trend Model will be continually filtered based on their revenue, sales, profit growth, relative advantages, and price volatility. The remaining stocks will be carefully compared with the ‘Leadership Profile’, examining in detail whether they meet the fundamental and technical factors of historically super-performance stocks. The final step is manual analysis; filtered stocks will be examined one by one and then ranked according to related indicator characteristics.
The Minervini Trend Model
The Mark Minervini Trend Model is a significant reason for
Minervini’s success in the stock market. It is a crucial step in the SEPA
method. This is a very famous stock screening tool, and historically, all the
star stocks selected for the Minervini stock pool have been generated from this
tool.
Minervini has delineated four stages of stock price behaviour based on the actions of stock prices. By employing trend screening, he is able to identify stocks that are in the second stage of a confirmed upward trend with efficiency and precision. This trend model is what he calls his ‘inviolable standard.’ Any stock that does not meet this standard will not appear on his list.
For a stock to be in the second stage of a confirmed upward trend, it must satisfy the eight criteria of the Minervini Trend Template. These criteria include the stock price being above both the 150-day and 200-day moving averages, the 150-day moving average being above the 200-day moving average, and the 50-day moving average being above both the 150-day and 200-day moving averages. Additionally, the stock price must be trading above the 50-day moving average, at least 30% above its 52-week low, within 25% of its 52-week high, have a relative strength score greater than 70, and the 200-day moving average line must be trending up for at least one month.
Below are the ‘inviolable standards’ of this trend model:
- 1. The current stock price is above the 150-day (30-week) and 200-day (40-week) moving averages.
- 2. The 150-day moving average is above the 200-day moving average.
- 3. The 200-day moving average has been on an upward trend for at least 120 days.
- 4. The 50-day moving average is above both the 150-day and 200-day moving averages.
- 5. The current stock price is above the 50-day moving average.
- 6. The current stock price is at least 30% higher than the 52-week low (the higher, the better).
- 7. The current stock price is within 25% of the 52-week high (the closer to the new high, the better).
- 8. The relative strength rating is no less than 70, ideally 80 or above.
The Minervini Trend Model has proven that over 95% of
historical ‘big bull’ stocks have had tremendous gains during the second stage
of a confirmed upward trend. This is not merely an opinion, but a conclusion
based on facts. This conclusion can be traced back to the end of the 19th
century and has stood the test of time. The trend is the investor’s friend;
riding the wave and catching stocks in the second stage of a confirmed upward
trend will lead to more brilliant investment performance.
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