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Friday, December 28, 2007

Another day of not much as the Dow gained 6 points on light volume. Advance/declines were positive. We are working off the overbought condition. One trading day left in the year. At least there was no follow through to yesterdays downside action. Gold rallied $10 and the XAU gained over 5 points. ABX soared over 2 1/2 on good volume. Who would have figured? Well there was a signal a few days ago and I didn't act on it. I was busy being stuck in a losing GE trade. And that is one of the things that must be corrected in 2008. Losing trades must be dumped. They take away too much attention to what is going on. NEM gained a buck also. The relative strength is in Barrick though and has been at the beginning of the gold share moves. GE was up a dime and I have an order in to sell the calls at a loss. If it isn't filled Monday morning, I'll dump them at the market. Mentally I'm a bit tired. Did not sleep as much as usual. Of course I'm disappointed for missing the move in gold but it's a broken record. You've got to move when the signal appears. There are no excuses. I will still try and make some money on this but have to wait for some type of pullback first. May not come. But that about sums up the terrible year of trading for 2007. I lost roughly 25% of my trading capital and that is a lot. Haven't had a year that bad in quite a while but it happened and you've got to move on. The focus and discipline necessary have to be obtained or it just doesn't work out. It isn't easy but it's not impossible either. It just takes a lot of work and you have to put the time in. There are no short cuts. You really need to stick to the trading plan with no exceptions. I'm going to take it easy this weekend and get ready for next year. It will be better...

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