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Friday, September 29, 2006

The Dow lost about 40 points today. Volume was light and the advance/declines were negative. The market wants to go higher. The technicals seem to point to another high. Light volume declines mean nothing. We will be short term oversold in no time. Gold was off over $5 today and the XAU was down a point or so. Of course I am about to book one of my biggest losses ever in the OEX. It was foolish. I am going to try and turn it into a positive though by going over my trading scheme and making some changes. Sometimes the biggest losers can become the greatest teachers. My risk control is terrible. It must be addressed or I will never get anywhere. I broke one of the rules with this trade and that should never happen. It was really stupid on my part. I hope I never do it again. The discipline wasn't there. It must be or trading just won't work. I need to take an honest look at just what happened to prevent it from happening again. It is a tough game. I'm always toughest on myself and I have to be. It's a business and must be treated as such for success. My results up to now have been lacking, even with big winners. From now on things will change or I will have to think of something else to do. I've invested a lot of time and money into this venture. I cannot afford to have to throw it all away due to my lack of discipline. I've got to make some changes and I've got to start right now.

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