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I first would like to thank Jamie for allowing me to be the featured blogger for the week. At the time he was sending me the email to tell me I would be the featured blogger I was dumping my portfolio and abandoning the strategy I had used to get into the top 100 and within sight of the leaders.
If you look at my first post you'll see I said set your game plan and stick with it. And although this is a learning process for me I have made some terrible mistakes and if you don't learn from your mistakes you will never beat the market to any degree. What i did yesterday was something I have done before with my real money. I have placed an order in the real world with a limit price and by the time the order hits the ask has moved past my limit price. So I rush and enter a higher limit and I'm too late again. Enter a higher limit and hey,I got in. And then 5 minutes later watch the stock start dropping. If you chase a stock you will end up losing. And you are breaking the simplest of rules to making money in the market" Buy low-Sell high.
This can also be accomplished by chasing a sector,which is what I did yesterday. Oil and oil stocks had gone up 7 or 8 days in a row. So even though I had been doing fairly well I abandoned all my strategy and jumped over to the "hot' sector. and the oil stocks tanked today
Also,one trait I have never been known for is patience. Sometimes the market moves slowly and sometimes its a whirlwind and sometimes it does nothing. But the one thing you have to do is go with the flow and don't try swimming upstream. If you are chasing a stock or sector you are getting impatient and going against the flow. Always let the stock come to you and at your price. If it doesn't come back to you on your terms,let it go for now and move on to the next stock. If you chase something I can almost guarantee you will lose money.
As I told you on my blog this morning,my strategy is based on cheap or value stocks. And you have to stick to your plan and wait for the optimal time. Develop your style and strategy and other than a "tweek" once in a while stay with it.
I hope I haven't bored the more experienced traders to tears,but after Jamie let me be the featured blogger for the week,I just wanted to let everyone know why I fell out of the pack. Also,as Arnold Schwarzenegger stated at that crisis in American history: I'll be back!"
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