Tuesday, March 06, 2007

Losing My Flow and Today's Trades

I panicked. As I watched QID gap down this morning, I could feel myself losing my flow. All the Zen stuff I write about went out the window. As my highly developed flight reflex kicked in, Mister Self Awareness (that's me) was thinking like a four year old being chased by the boogie man. In the time it would take Bruce Lee to unleash a lightning quick combination of punches and kicks, I had pulled up my trading screen and was ready to click on the "sell" tab.

Then, for some reason, a moment of clarity came over me and I remembered something I had blogged about last month. Before placing a trade, I like to ask myself what an expert or someone I respect would think if he or she was watching me. I then imagined what you would think of me right now. I heard a voice say, "this guy's trading like a coward. I can't believe I read this damn fool." Feeling royally embarrassed, I took a step back and decided to wait for the expected bounce that I like to preach about. Of course, the bounce came, and I was able to unload my position for a small gain, in the process saving myself money and embarrassment. Thanks guys.

I sold 1000 shares of QID at $56.69 (entry at $56.50) for a $190 gain (+.33 gain).

I sold 300 shares of VLO at $57.22 (entry at $55.60) for a $486 gain (+2.9%).

I currently am 100% cash, although that could change soon. I may by QID on weakness.

3 comments:

Will said...

So now you're hearing voices, eh? ;-) Bruce Lee would probably compliment you on the discipline you showed.

bp said...

Very cool, no I mean, very cool... nice post

The Market Speculator said...

Ha ha! Thanks for the comments guys . . .