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The ability to change one's mind quickly can be both a curse and a
blessing. A blessing in that not being locked to a point of view allows
a trader flexibility and a curse in that too much flexibility leads a
trader to violate perfectly good trading plans. I begin with a point of
view and key points which tell me that point of view is wrong -
generally where I place my stops to get automatically taken out of a
trade. Once flat, I am in a position to evaluate Plan B without being
emotionally tied to a trade. However, twice in the past two days, I have
taken flexibility too far by scratching (good) trades which appeared to
be in the process of violating the plan without actually doing so -
that's too much flexibility.
What does need to be understood by anyone reading what's posted here, is
that we post what we see at the time we see it, however we do not
continuously post adjustments to our trading plans as the market
unfolds. I may be looking for ND 2200, but if I see a likely bottom go
in, I will be long within the hour, if for no other reason than to ride
the explosive covering of short positions - a 300 point short covering
rally in one day is not out of the question. Hope this helps.
Earl
----- Original Message -----
From: "Dan Harels" <harelsdb@xxxxxxxxxxx>
To: <realtraders@xxxxxxxxxxx>
Sent: Wednesday, November 29, 2000 4:52 PM
Subject: Re: [RT] Market - Nasdaq
> Bob,
>
> I am intrigued by what appears to be a 180 degree change in your
thinking
> between Sunday and this afternoon (Wednesday). Sunday you seemed to
expect
> a tradable rally while in a post this afternoon you concurred with
Earl
> regarding poor breadth in the Nasdaq and seemed to imply you are
expecting a
> large move down. I am sure your ability to change your mind quickly
was
> gained through hard experience and it would be instructive for me if
you
> walked through your thought process to get from "load the boat" to - 2
sigma
> in three days.
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