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| Symbol | Sector | Return | Exposure | Trades | Last Trade | Status |
|---|---|---|---|---|---|---|
| POT | Specialty Chemicals | -7.12% | n/a | 4 | 11-Aug-08 | Prior Holding |
11-Aug-08
(My) wrong thinking about agri-stocks
Holding Rationale for POT.
I have rules that keep me from losing money and I didn’t follow one of them today. There’s a reason why I don’t bottom fish and it’s to protect myself from my emotions of dealing with buying a stock and potentially having it fall further right away. I thought that I was going to try and catch a few points on POT this morning thinking that it had bottomed and was due for short term counter-trend move up. Maybe it will move up but it will be without me, as I just don’t have the guts to hold on as it falls and still continues to fall.
Here’s where I went wrong. I’m very short term focused when it comes to investing. For the mid-long term investors I’m sure POT is a wonderful investment and will yield many points in their favor, if they have the willpower to sit through these big intraday moves in these stocks. I’m not that tolerant. I just don’t have the stomach for it and I’m not a long term investor, period. Maybe some day, but right now I need to stick to my trade style because that’s where my comfort level is.
Another reason it’s important to stick to your trade style is when you get in a trade that removes you from your comfort level it acts as a distraction. You can miss out on other potential trades that do fit your trade style and more than likely would yield you profit, but you’re too distracted to act upon those set-ups. Today all I could do was focus on POT that I know it made me miss some good trades that I could have done well in. All in all I’ve been pretty good at not making stupid mistakes as of late but it just goes to show that an investor has to be on guard at all times to protect themselves from the many trading pitfalls.
Visual of my trading day.
At the time when I’m about to make this live POT has bounced four dollars. See…I knew it was going to go up.
Tagged Stocks: POT
Posted at 10:47 in Holding Rationales | Permalink | Comments () | Top
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