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Mullooly Asset Management

Fiduciary Fee-Only Financial Planner | Investment Advisor in Wall, NJ

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Playing By the Rules

December 12, 2014 by Brendan Mullooly, CFP®

I read a really good post today written by Greg Harmon of Dragonfly Capital Management. It reminded me of something we say repeatedly on our podcasts, videos and posts: When the charts change, we will change.

Greg’s post is all about the investing process. No matter what process means to you (fundamentals, technicals, etc.), the key is having one. Greg talks about preparation saying:

“Preparation is important. In everything in life. It helps keep you focused and heading towards goals. You write down a grocery list to prepare to shop. You make a Christmas list to share with your friends and family. You study in High School and College to prepare for the workplace. You create a bridal registry before getting married and have a baby shower before your child is born.”

Investing is no different than grocery shopping or creating a bridal registry in the sense that you must be prepared with a plan.

Greg’s best point is that sometimes in the market, what you plan for never comes to fruition. This certainly happens in other aspects of life too. Sometimes you get so hyped up to put your awesome plan to work that you want to do it whether the circumstances call for it or not. This is the part where having a set process in place to dictate action (or non-action) is so important. Create your rules and play by them.

This is what we mean by, “When the charts change, we will change”. It’s not, “When we feel like it, we will change” or “When the charts get close, we will change”. We rely on our point and figure charts here at Mullooly Asset Management. We leave the gut-trading to the other guys and follow the rules.

Source:

http://dragonflycap.com/2014/12/12/fri-52/

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Filed Under: News, Point and Figure, Technical Analysis Tagged With: point and figure

About Brendan Mullooly, CFP®

Brendan Mullooly is a CERTIFIED FINANCIAL PLANNER™professional with Mullooly Asset Management, Inc.

1971 State Route 34, Suite 102
Wall Township, NJ 07719

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The information on this website and blog do not involve the rendering of personalized investment advice. A professional advisor should be consulted before implementing any of the options presented. None of the content contained in this website should be construed as legal or tax advice. Always consult an attorney or tax professional regarding your specific legal or tax situation.

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