The market is a crafty little devil. It took back my gains from yesterday, almost to the penny.
My brilliant positioning that I discussed on Monday is keeping me from big gains. I'm so freakin' smart. One of my screens is up over 7% in two days. That's for a portfolio of stocks, not just one! I've made nothing. Zilch.
I'm reading The 4-Hour Workweek by Timothy Ferriss this week. It's a bit over the top, but there are some good ideas in there about wasting time. I've written before about how my constant interaction with the market only costs me. I've got so many better things that I can be doing than constantly worrying about whether a trade I made was the right choice and trying to guess what the market is doing through my constant monitoring.
It almost seems like I'm going back to my old habits:
- Trying to avoid losses by utilizing buy stops to catch only big gains
- Second-guessing my screens and choosing the stocks that I feel are ready to pop
- Being so worried about losing that I avoid gaining
- Getting worked up about daily (and even intra-daily) ebbs and flows
- Spending too much time worrying about what everybody else is saying and doing
- Wishing I would have bought the latest "hot" stock that showed up on somebody else's list
- Worrying that the market is at it's top and that I need to somehow prevent a big loss
- Avoiding thinly traded stocks because I want to be able to "get out quick"
- Trying to figure things out using charts and patterns (I don't think I have the knack)
- Getting sidetracked by fancy gizmos (that TradeStation sure looks cool)
It's funny how I can write about my stupidity and still be stupid.
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