Sunday, October 18, 2009

Let the boat pull you!

Just got my internet connection back together - however my computer is still acting up.  I think the computer overheated a bit in the new desk we put it into recently, because ever since the change it has not run smoothly at all.  My best guess is the motherboard is messed up - still boots and runs, however the on board ethernet no longer works and the whole system has been very touchy.

That being said I also made a very aggressive play into my last trade, and did not have it pay off.  I have wiped out basically all of my earnings so far, and now back to square 1 at 5k.  It wasn't much to begin with, and I am not upset with my trade...just another realization that I need to look for trades in a different way than I have - maily because I do not have the precision to enter a trade on a given notice, it will have to be a predetermined trade.  Although again not a bad thing...the one trade I wasn't watching was the one I had the best entry on (my BRCD trade) - talk about an argument for doing my research and sticking to my guns.  The biggest drawback to this trade in hindsight was not holding it longer, since the upside turned out to being all the way up to 9.80, which could have netted 13%.

My new strategy is to look into non-correlating markets like commodity ETFs, currency ETFs, and different indices out there and spot potential set ups.  Now heres the change...to wait for the set ups to take shape!  When I was learning how to waterski when I was a kid, it was at a family lake and there was a neighbor who used to say in a funny accent "let the boat pull you!"  Now my family all laugh about it years later, but the guy had some dam good advice - you don't control the boat, the water, or your speed.  All you can do is brace yourself for the ride, and make sure you're in the best position to get out of the water.

Here's to making sure I am in the best position to getting out of the water going forward!


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