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Gold/Mining/Energy : Big Dog's Boom Boom Room
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To: chowder who wrote (20027)3/10/2003 11:03:30 PM
From: Bob V  Read Replies (1) of 206176
 
Sorry the analysis wasn't any better, but I'm merely the messenger, the market should take all the blame

Thanks for the reply. Being new to trading I need something like that to wake me up every so often. I can't really blame the market, I'm the one who made the decision to take the trade.

I bought SU on Feb 27th. The plan was to let it break 18.50 but it seemed to be doing so well that I jumped in early at 18.11. My stop is $1.00 below entry and I only took a small position to start. The long term chart looked not bad with little overhead resistance over 18.50. The volume was a bit over average. The MAs were rising and MACD was positive. The sector seemed to be the only one doing anything.

What a difference a week makes.

Looking back I let Greed and Fear get the best of me. I was sure the way the stock was acting that it would get by 18.50 and I didn’t want to let that 50 cents get away from me so I bought early. I knew the market was in a down trend but I was afraid that if I didn’t take the trade I would lose money when in reality all I stood to lose was opportunity.

I’m making it a habit to review all my trades each month and try to figure out what I’m doing wrong and what I should be doing different. Last month it was giving my stops to much room and this month seems to be trading when I shouldn't. I have to learn patience. Easier said than done.
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