9 May 2024 11:03 am
This may sound a little stupid and over simplified but I would suggest putting these missteps down on paper on a list next to your command center. Read through them on a regular basis so the missteps stay fresh in your mind. Rewiring your brain is not easy. Conviction can be a good thing but it can also be absolutely wrong.LowIQTrash » 09 May 2024, 9:42 am » wrote: ↑ Yes, believe it or not, had I followed through with all my convictions back in late Feb early March I would be up approx 100%. (In a 1.5 month time frame)
Unfortunately I am not: in fact I am down about 3%. (!) All caused by ONE mistake.
I made a huge error of buying SLV, AG calls at the recent top. (I even memorized the exact dates: April 8 and 9)
This wiped out all gains from the first series of trades and even left me down -10% at one point.
I have very high confidence these are going higher by Oct / Nov, (My PT for SLV is somewhere around 33) I lost months worth of gains.
The correct play should have been:
Take 100% gains.
Practice patience and wait for correction.
Wait for next leg up - arriving soon
Take second set of gains. (Likely in the 100% neighborhood as well)
You placing any hedge bets? It does cost more and will cut into profits but can also minimize losses.