Thursday, September 2, 2010

Update...

All of the stocks that I highlighted as long ideas have triggered and exploded higher with the exception of DTG which still appears poised to explode from a nice basing pattern. While AMRC has grinded slowly higher this week, BORN the other IPO which I had highlighted earlier this week but had become cautious about on account of its stalling action exploded over 14% today! This further underscores the importance of STICKING WITH YOUR TRADING PLAN!

This is by far one of my biggest weaknesses. My impatience with losing positions. Although I did not take the BORN trade. I believe that I would have taken the position off prematurely. I know that one should be quick to take losses but often times I am took quick to take losses and some times take positions off that are still far away from my stop loss. This is a problem that I have to deal with. What I will do from now is scale out of positions that I have become uncomfortable with for which I do not have clear technical sell signal. I believe that this will help me to cope better until I overcome this weakness.


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