NOTE TO SELFHow to trade your way out of a position.
I`m sure I`m not alone on this one, whoever says they get it right everytime is a liar - plain and simple.
Original "fair sized "position @ 55 cent average
Watching it languish for the past week or so
Growing a little impatient ( possibly your own worse enemy )
Nice pop to 70 cents and quick to pull a swing trade and book profits
Just knowing it will revert to ...maybe 60 cents and rebuy a larger position
Keeps going to 87 cents and all I can say is fooke
Quick to jump back in for a smaller position when it receeds to 80 cents
Now back to 75 cents
So now I need 2 x 10% trade to get back to where I was before my venture into the abyss
Maybe not so easy to pull off with the volatility in this sector
I suppose it could be worse, lot`s of guys banging their heads who were selling in the low 50 cent range.
Moral of the story....
Revisit your original thesis for getting on board and work on the discipline end of your trading.
The flip side is, no body knows what will happen next and my original reasoning for the attempt at the swing was based on T.A., which if a guy can bat 7 out of 10 on, he`s doing pretty good. This is how I got to where I was before giving some back.
Can`t win them all and no doubt there will be another kick at the can.
I`m sure I`m not alone - This is what it`s all about !
GLTA