Let's see, which of my trading rules did I break today? Ah yes, it was Rule #4, which says to put in the time and patience to select only stocks with well-behaved, good quality, high probability, low risk setups. AAPL on last Friday's pullback was considered a low risk setup. But today? Questionable at best.
What was going thru my head was whether I should cut my losses or make this a swing. During Options Expiration week, how did a thought like that get into my head? I'm at a loss to explain this sort of screwup. And since I'm finding myself repeating this mistake again, I think it just got that more important for me to work on patience. I've also noticed lately that I haven't been as patient with my daughter as well...... any correlation here? Does it need to get any more obvious that I need to work on patience?
This screwup stayed inside my head most of the day, such that I didn't really feel the victory from buying back into Fronteer @ 8.57 (FRG closed today @9.1 on the TSX). It's true what they say - the pain from a losing trade far exceeds the feeling of victory from a winning trade.
It may sound like I'm overly hard on myself for making this mistake, but I guess that is the approach I'm leaning towards for coaching myself. Take my lumps when I lose, and celebrate when I win.
Chin up, move on..........
DailyReview (123)
futures (108)
futuresTrading_Plan (73)
MarketReview (66)
trades (56)
uranium (47)
swing (46)
victories (42)
Ideas (40)
bigger Picture (40)
screwUps (35)
OffTopic (34)
options (34)
chartReview (30)
LearningCurve (22)
Pattern Catalog (14)
sectors (13)
rules (9)
TechTrends (8)
Euro (7)
daytrades (7)
trendDays (7)
MonthlyReview (6)
ProductReview (5)
Trading System (4)
Followers
Wednesday, November 15, 2006
Same Old Same Old
Posted by Phileo at 6:38 PM PermaLink This!
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment