Libbyt,
CHS got me again!
I sold my position yesterday because the trade triggered and ended up down 2% on the day. When I have that poor of a performance on the entry, I don't wait for the stop to hit, I get out.
Today CHS would have stopped me out anyway and then it decided it would move up and finished up almost 3% on the day. It was a very strong move and looks like it may go higher.
stockcharts.com[h,a]daclyiay[d20041230,20050330][pb50!b20!f][vc60][iut!Lah10,30,5!Lc20]&pref=G
Moves like this are what usually cause people to abandon their trading plan. To see a stock move up right after you sold it can very frustrating for most people. It can grab a hold of you psychologically and cause one to freeze and experience fear the next time a sell set up occurs. People have a tendency to hold a little longer than they should because they fear the stock will take off without them.
This is the trade they will remember. The one that got away.
The fact is, and it can be verified by anyone willing to do the work, most of the trades where I have exited, was the correct move. Since we must play the odds when trading short term, the odds say when you plan your work, work your plan. For the few that get away, that's part of doing business.
Frustrating? Yes. Painful? Yes. But as we used to say in the Marine Corp, pain is good! It keeps you alert, it keeps you focused and it develops mental toughness.
I just don't want too much pain. I'm too old for this anymore. <lol>
dabum |
