My trading system is simple. Maximum exposure for the rallies, minimum for the downtrends. So by June, I was left with a single holding. Aspen. By my system's definition, that was a minimum holding, which was already 10% in the black. You always want to have some skin in the game, to catch the rallies. And then came my blunder. I sold out. Taking a loss is easy, losing out on profits is the real blunder because it means you were not true to your system. I will print out the chart and stick it on my wall, because as far as mistakes go it was a real doozie.
Yeah ... once I've taken profits and have cash sitting in my account I'm constantly thinking 'hey! This money's not in the game! It could be earning something.' Takes iron discipline to hold on and wait for the right opportunity.
bought WHL at R30 after watching it for weeks and then took a small loss. Could be 67% up by now. The chart is now stuck on my buttocks, my wall, my windsreen, my son's face, my computer screen, my glasses, my d.....ck as reminder: use a stop loss otherwise do nothing.
A trading mistake I often make is getting out too soon, and once I'm out immediately looking for exposure somewhere else. I'm always figting time. Lacking patience is my biggest weakness. I enjoy trading way too much. I almost enjoy the trade more than the profit - how sick is that.
My worst tactic is moving the stop up too close as the profit grows in an effort to preserve as much as possible on the pull back. Get sold out on a little noise and lose the rest of the rally every time. You'd think I'd have learned by now . . .