"Should have, could have" thinking will only get you into trouble in the long run.
From a technical perspective, one has to have a system one follows and be willing to miss
out on
many trades, if they do not provide the correct opportunities and signals.
I am free carrying here and not looking to add any major positions until this provides a clear
classical chart pattern opportunity on the daily chart. It will happen eventually, of that I am
confident. At what price and when, no one can know. It really bothers me when I see people
saying "this WILL hit" a certain price "TOMORROW" or the like. If they turn out to be right (which
does happen) they only end up fooling themselves and others. No problem if they "think"
something could happen, or feel it to be likely. Eventually, the market will humble the
arrogant, it's just a question of when.
"We learn from history that we don’t learn from history!"- Desmond Tutu
I saw only one trade opportunity today that made sense to me. This is (and so far continues
to be) a rather common "ride the 5" situation. Price has found support a number of times by the
5 day SMA. Although I do not consider that a sustainable strategy in most cases, I occasionally
will take such trades on strong momentum moves as the risk and stop levels are definable.
Like everything, it works until it does not, & that WILL happen at some stage.
I had an order in (half size position since I prefer to trade patterns) @0.610 on the MA, with
a pretty tight stop below it. Missed it by a hairsbreadth. I am okay with that. If I let myself think
any different it will only do me damage in the long-run. Learned that the hard way...
A good trader is not measured by how much he makes when he is right, but more so by how
much he loses when he is wrong. If you are not an experience fundamental investor with a
long term investment horizon and you are not using a solid technical system with stop-losses
etc, you WILL get burned.
Here is something I used to keep right in front of me while trading, it's the first thing I show
people when I am helping them with trading:
Loss Of Capital Sheet.pdfGLTA
My Sentiment is currently "none", as without providing a point of failure, a target, and a time
frame, it is a useless piece of information IMHO.
(20min delay)