Many times we take a look at something and over the next two days it doesn't pan out, so we move on. Quite often those ideas put out, turn into winners, it just took more than a couple days for the breakout, or what have you to take place.

Other times we get shook out of a position with a small profit, only to see the stock soar higher a week later. Sometimes we take two dollars in profits and we look in on the stock 10 days later and it's up 15 dollars. What's all that mean to you?

So, just because we don't get involved with a play, that doesn't mean you shouldn't. Likewise, if we pull the plug on something, that doesn't necessarily mean you should. I think one of the most useful things you can do for yourself is keep a list of the plays we put on the consider buy/short table. Then, if we move on to new plays, revisit the older suggestions. More times than not our guess was right, but the timing might have been off just a bit. Over the years we have seen this over and over.

One of the more successful traders I know takes notes of all the consider lists, and loads them up on some form of an alert he has built for himself. Then, without ever having to search for a new play, he just waits for one of our past suggestions to set off the alarm. It's an interesting concept for sure and no you don't need to get that involved. Just a pen and some paper, a decent chart and you are good to go.

Here is what happens. Lets suppose we put out the XYZ company. We say XYZ is at 49.45 and we like it over 50.00 as a long. Well Wed comes, and it doesn't do it, then Thursday comes and it doesn't do it. So, we have already found two more stocks that look interesting and we drop XYZ in favor of the newer ideas. Does that mean XYZ is out of favor? Absolutely not! If XYZ breaks over 50, it's a play, whether it's in a day or in a week.

Please folks, increase your chances of making great plays by just keeping track of the older recommendations. More times than not they will turn into winning plays, they just need some time.

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