Mike:
When a buying a ripe banana is a long term investment, you tend to miss some great moves.
Before becoming a short term trader, I used to sell 25% to 50% of a position when it seemed to stall after moving up, and not sell the other portion unless it broke a long term trendline or lost a sizable percentage of the gain. As I look back on both those swing positions and the many short term trades this year which have gone on to double, triple or more - I realize how much I've left on the table by failing to let my profits (or a portion of them) run.
Money management is my next objective to improve on. Van Tharp has some interesting suggestions on the subject, but we all can share thoughts. Like you, I exited a sizable position in VRTL. If I'd held 30%, I'd be driving a new car with vanity plates that said VRTL. Oh well, I wasn't holding OXHP or BREX or VISX when they tanked, so perhaps it evens out.
Tomorrow's watch ELOT, BWTS, BIOM, DDIM, MCLL, ALLP ATIS, RACE, ADRN (first and last 2 may pop a bit).
Peace and Justice --- Patrick |
