John,
Sorry to hear about your short career as a daytrader, but perhaps you can come back stronger from the experience. I have a growing library of investment knowledge, but not much time to follow the market and read them as well. I keep trying to learn as I go and it is tough.
I am getting more and more convinced that strict adherence to stops is the key to survival and thriving as a trader. If you are confident in your TA, you should be content to quickly eject when the trade doesn't go as planned. My problem is I can only follow the market during the last hour, so I am afraid to exit the trade and miss the move.
My way hasn't worked despite growing TA knowledge, so I think that I am getting to the point where I am ready to be more disciplined. Eliminating the fear of the massive Schedule D effort may eliminate a key excuse that I have been hiding behind.
I have learned a lot from Mark, but despite is continual exhortation to use stops ruthlessly, that I one habit I still need to embrace.
Best wishes for a healing portfolio and regained confidence. If we get the huge gold bull market that Mark is hoping for, we may all be a lot better off this time next year. That would be sweet. In the meantime, we keep plugging away, learning more, and applying more of what we already know.
I am mainly preaching to myself, but I hope you gain some encouragement from it too.
Take care,
Ken |
