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Great Conversation here! Thanks
Nice!!!
Another tough lesson I've learned the last few years is anchoring on a price. I am watching some charts now that I missed a few years back because I planned to buy at a certain price - it went higher and then I would not jump in because I wanted the lower price. I was mentally anchored on my original target. I missed two nice runs that way. I guess that one boils down to being flexible and admitting being wrong. My price target here was 56, but if it runs, I'll get on board.
weekly
Nice Blog on Stockcharts
http://stockcharts.com/articles/
I really liked this one.
latest blog
http://stockcharts.com/articles/
Let's see what today brings :)
Another lesson I've learned the hard way is being right, but at the wrong time. You can loose alot of money being right at the wrong time. And then watch it turn in your favor after your broke! That would be not a good feeling.
All of these ideas are related to Confidence and Patience.
One of the toughest lessons I've had to learn in trading/investing, is to know I'm right, and sit tight.
Some day, I hope to be as happy about taking a loss as you are.
No doubt . Gotta be on your toes when you go into a trade.
A note to any new traders:
The biggest mistakes I've made in my three years of trading have been because I made the trade, expected it to go my way, and wasn't prepared for it to go against me. You have to be prepared if you're wrong. Had to learn that one the hard way a few times and pretty much wiped me out! It's So Much harder to make back up a big loss. The percentages just work against you.
JDST took off today, SLW and SLV started hitting the hod, so I shorted the spike.
Been to busy here at work to focus. Definitely got my interest though. All sectors are red or going red this morning.
Amen LB -
"Don't listen to all the noise"
In the charts I see possibility of some mega phone tops.
http://www.investopedia.com/terms/b/broadeningformation.asp
of course the price just keeps going up,so you can't argue with that.
I hear ya. My brain was double whipsawed this week -
Was the wall of worry removed?
and is that a good thing??
I used to think I liked volatility, but the market lately is giving me seasickness. Another strange day IMO. Vix jumped a bit and small caps had a big red candle. Still some indecision IMO.
See ya next week.
Have a good weekend pal.
Thanks for the nice post today sir. Good reading.
Thanks for the great notes as well. That chart has the immediate and the long term in it together. Great simple chart IMO.
Nice one LB.
I love this chart. I am going to lift it when I get to my computer. Monthly's are a great way to view the long cycle IMO. I felt like we passed a major milestone this week and it shows on your chart. Thanks for sharing sir.
Thanks for pointing that out DA- let's see how it goes. I made my 1st trade oct 1st 2011 - 3 years now lol. just a pup here. October was a good time to get long back then. I love the end of year price patterns. We'll see how it goes.
Volatile day today eh...
a comment on the total market charts... indecision
I don't feel a direction has been decided by one day. The short term trend is down , as seen by the 10 and 20 day moving averages. The intermediate and long term trends are up, shown by the 50 and 200 day moving averages. Markets recently broke to new highs and the momentum is up. BUT...a false breakout will retreat with force, so something to be on watch for. Spinning tops today = indecision.
(link back for charts) and bollies still squeezing
Someone beat the stuffing out of my bear.