Thursday, December 30, 2010
The Dow lost 15 points in this weeks usual light trading. Advance/declines were about even. Just hanging around here, waiting for next year. Still overbought both short and medium term. GE lost a few cents on light volume and my January calls lost a bit too. Still overbought here as well. I'm waiting for next week as I've stated before. Gold fell $7 on the futures and a bit more so far in the aftermarket. The XAU dropped 1 1/2. ABX, GG and NEM all had fractional losses on light volume. The dollar fell further but it didn't help gold. Hard to make anything of what is happening in this light volume vacuum. I'm holding on to the GG calls as well. Mentally I'm doing OK. Taking a look back at the past year of trading finds me with the worst losses since I started out in this crazy game. My trading capital took a hit to the tune of 58%. That's right. I lost over half my trading account in the past year. My losers swamped the few winners that I had in the last 12 months. There are no excuses. My ideas and strategy didn't work. My analysis of the markets was way off as well as my timing and risk control. It was ugly in virtually every facet of the game. I've made some adjustments going into 2011 but that doesn't guarantee anything. However this year is over so I'm wiping the slate clean and starting all over. It already looks better with the trades I have in place now but that could change in a heartbeat. I'll continue to put forth the effort that I believe is necessary for success and we'll see what happens.
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