This is where I've been taken the last two days. Yes, that's a woodshed. Today I lost 2.48%. I am still using stops (despite my ongoing realization that they mess me up every time). I got out of HDNG before it plummeted. I guess I can call that a minor victory among all of my other disastrous calls.
I wish I had more experience under my belt because I haven't quite figured out what to do once I reach a goal. My goal this year was to make 20%. When I reached that goal last month, I wondered if I should take my gains off the table. Last year the same thing happened. I reached my yearly goal by May and then lost half of it by July.
The only encouraging thing is that last year at this time I was only up about 10%. So, hopefully I won't continue to make emotional mistakes and I can end this year like I did last year. Stay tuned because maybe you'll be able to witness the day to day self destruction of StockPunk. Wouldn't that be something you could tell your kids.
Thursday, May 24, 2007
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2 comments:
Your goal was way to conservative. You're not an elephant mutual fund, so don't think like one. You need to accept the volatility inherent in your approach and stop second guessing your screens.
You are right. I get into this pattern when things are going well where I start to panic about everything coming crashing down. I know that my trading will be volatile, I just need to take the weekly gyrations with a grain of salt.
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