Tuesday, November 15, 2005
The market was down around 10 points today on good volume. Advance/declines were over 2 to 1 negative. We were lower and came back a bit. We were also higher and sold off a lot. GE was unchanged and the calls I own don't have a bid with 3 days left and will be a total loss at this point. Great trading. Gold didn't do much but the XAU sold off 2 points and I dumped the NEM calls I had for about a 90% loss before I couldn't sell them at all. That was a stupid trade and never had a chance. I paid for it. That will not come back in 3 days. The volume has dried up there also which I should have recognized but didn't and so it goes. My confidence is shot. I haven't had a decent trade in a while and that could be it for me until next year. Yes, I know it is only the middle of November but I have got to get my mind back on track. The focus and discipline are missing. I think it is time to take a step back and I should have done it a few months ago. You just can't fool yourself in this game. Right now I don't have what it takes to be successful. I need to regroup I think. I do have some thoughts and ideas about where we go from here but... I can't go on losing money and that's the bottom line. I'm going to have to sit down and go over what has taken place in the last few months and go from there. Changes must be made. I think I have taken on too many trades. The commissions are eating into the bottom line also. I need a new strategy, with less trading and better trades. Easier said than done...
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