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Thursday, October 05, 2006

Hidden mistake

My last trade today was UTSI:

UTSI was another one of Brian's trade ideas. My trade in UTSI did not make use of any good setups, so this can be considered a mistake (not waiting for the best setup, and buying after the stock broke out, and NOT following my plan). Initial stop was set to 9.1, but I have since moved it up to 9.38.
The market had such a bullish tone today, that it made up for my mistake.
I guess this was a reminder that I'm still not quite ready yet to trade for a living....... hmmm.......

2 comments:

Richard said...

No worries. The fact that you recognize that it's a mistake puts you ahead of most people.

Phileo said...

Richard - oh for sure, I'm not going to beat myself up over a mistake that I actually made a profit on. But I wanted to record it down here so that I can "practice" NOT repeating this mistake in the future.