Patience is a virtue in trading. One needs to have patience when entering trades, and patience when exiting. I could do with more patience. I tend to rush into trades, then bail when they do not go my way immediately. I was reflecting on how many of my big ideas over the past 18 months (long DJIA in early '06, long China in mid '06, long gold in late '06, short equities in spring '07) I abondoned then subsequently performed well.
I also rushed to replace the one unit of HXD that I sold Wednesday. After holding it as it fell $5, I did not want to watch it recover. My stop-buy was filled yesterday at 20.65.
Relatively quiet day today. Equity market is up again erasing yesterday's losses. So I sit and practice being patient.
MARKET POSITION: EQUITIES - SHORT (4 units); GOLD - LONG (1 unit)
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