Wednesday, November 15, 2006

Same Old Same Old

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..........

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