Really thought the indices were going to blow up today. Dow fell out of that triangle, it looked like a stop at that 7450 intraday support, then into the abyss to 4200.
Nice stick-save by Congress. Of course, the bill is crap, just like everything before it. It just shows you that the sentiment is so bad, even a non-bad news item can move the needle.
There's a t-shirt slogan I love - "Don't believe everything you think." I understand exactly what it means. Over the years, I've learned to read my own mindset as a guide. Whenever things feel blow-uppy is a good time to cover some shorts. Whenever I feel all smug and arrogant about a good position, means it's time to take some of it off, or at least throw a virgin into the volcano.
You can always reload on a position. Mr. Fidelity won't send the Excessive Trading Police after you, and I certainly don't begrudge him the $8. But what you can't always do is get back a profit once it's gone to Money Heaven.
So I did some selling on my own terms. I never know if this is good timing or not, this is just my small means of exercising a measure of control. I aim never to be greedy and to have the humility to accept free money when it's being handed out. Thank you, great nation of America, for the opportunity to pay taxes.
Put out half of the GBG for bid at 1.70, got hit. Put out half the NXG at 1.37, got hit. Again, these gold microcaps are just tiny little trades, maybe a quarter of a normal position, and I'll never let them get bigger, but the important thing is to trade them well. Free double-digit percentages in a week is a good thing. It's time to move up the stop on the rest.
Put out half the SRS at 70, got hit. Moving the stop there, as well.
I figure, keep on hammering out 10%, 20% trades, it's hard to help making some money.
I predict I'll be unemployed in 6 months. Trading as though my life depended on it is about to become a very real exercise.