i have been severely humbled twice now in the market...I cannot afford to have it happen again.....I appreciate everyone playing the role of cheerleader, it does help restore the confidence level...
Here are the mistakes of my last demise..Don't repeat them if you want to survive..
1)Never hold a stock long-term, if you do put a protective stop under your entry point by 5%, to protect against a catastophic loss...
I fell in love with PCTL and AZTC, trusted the fundamentals and the hype....
2)Never buy a loser and average down...I did this on AZTC, again got toasted...
3) Make sure you have your emotional life in check...I have some deep seated personal issues I am dealing with, and it is better to stand aside than to trade under those circumstances...
4)Never trade for the sake of trading...So what if you don't trade for several days, wait for the right opportunities...
5)Be your own trader, generate your own picks...
6)Be out of a pick at the end of the day, and only hold overnight when you have your stop tightly set....
I bought 500 NEM yesterday at 22 13/16, because it came back to my first pullback area..Decided to hold overnight, and put stop in at 23.00...My stop got hit today at 22 7/8, I made $11.00, but it was a successful trade...I followed the rules, I won, even though I could have cried in my beer about the 3/4 point I missed today...
Holding only two stocks overnight...They are PDG and BMG...
Otherwise cash...Looking for a couple of good day trades tomorrow...Regards, Mark |
