|
meta
You can have all the stops you want and will
still get plowed under if they hit.
Yesterday and today's actions is exactly why I only
use mental stops. Being mostly invested in gas and oil I think you can see why
after today's action.
Buying at the right price and for reasons that are
still obvious at a later date is most important if only so you don't embarrass
yourself!
Martin Blain
Burlington Ontario
----- Original Message -----
Sent: Thursday, March 31, 2005 11:41
AM
Subject: [EquisMetaStock Group]
Creamed?
How many of you have gotten creamed this quarter? I did
on some of my
positions because of a lack of......
DISCIPLINE!
Thought I'd share this excerpt from an article today
(emphasis is
mine). It is so, so true:
************
Trading is a
lot harder than it looks. We can do everything right but
still crash and
burn after we pull the trigger. Surprisingly, finding
good positions is the
easiest part of our jobs. Managing them into a
profit is far more
difficult.
This exposes an uncomfortable truth about our participation
in the
markets: Most of us fail because of a lack of discipline, not a
lack
of knowledge. In fact, there's only one method to deal with
this
career threat. HONOR YOUR STOPS. We're not investors, so we can't
act
or think like them.
Many traders ignore their stops, or don't
place them at all. But it
can be hard to get out of a bad position
gracefully without a
preplanned exit strategy. Unfortunately, many folks
just hope for the
best after they assume equity risk. But sooner or later,
market
dynamics will force them to pay the price for their laziness.
************
More trailing stops talk anyone???
Yahoo! Groups Links
|