Stopped out of MML and NCM today. These trades were based on pog rather than the stock charts. However, it is now evident that I need to learn a lot more about pog if I am going to attempt pog related trades in the future. I was very surprised that pog was smashed last night, but this perhaps explains it. So much to learn.
Perhaps I would be better off sticking to what I do know, but going in bigger as GK suggested. The only reason that I have been ‘experimenting’, but with very mixed results is that the golden trades do not present that often. The ‘golden’ trades that I am referring to are range trades that are in the most part reliable over and over again.
At least my FMG trade has performed exceptionally well today to offset my losses on MML and NCM, and I have a relatively large open position in FMG. Take a look at the FMG chart after todays close. In my opinion, it is an excellent set up for a stellar run, but assuming that global market factors don’t intervene. I suspect that even Mower would be happy with an entry at this point. I have cut my losses on MML and NCM, hence, maybe it is time to average up on FMG again. That is, no need for me to seek revenge on NCM … why not follow my winners. Comments?
Besides GK and myself, who else is long with FMG. Probably not Yurt, unless you have changed your mind and joined the trend. Who will be the first to close their FMG long trade and why? If a few people on the CFD forum join the FMG long trade it will be interesting to see when everybody exits and, post exit, hear what their exit strategy was.
I downloaded ‘Taming the Lion’ and saved it in my Shares Research folder for reading one day, and discovered that I have another e-book saved in the same folder titled ‘Come Into My Trading Room’ by Dr Alexander Elder. I have only read parts of this latter e-book, but a central theme is discipline as evidenced by the following short extract.
“A trader must develop a set of fundamental or technical search parameters, have the discipline to follow his system, and spread a safety net of money management under his account.”
By the way, the questions in my post from yesterday, and earlier posts, were not only directed at GK, but at anybody that cares to respond … we can all learn from each other.
Mower, this is the wrong thread, but what do you think the global market will do for the rest of the week? Europe has opened up tonight. Maybe the rumour of further Chinese stimulus will give the markets a boost until the end of March?
