I have no doubt lost more money on PM’s over the last 10 years than I have made, but I am still looking forward to the future, and particularly to 2011 which I believe will bring many opportunities. I have learned much over the years, much from many of you who have willingly shared here.
There are many sharp traders here, but probably some, like me, who struggle to keep up, and make the right moves. So for us strugglers, I am going to share some thoughts for next year regarding my new trading habits. Kind of New Years resolutions for me. I hope they are helpful to some. Please do not make me feel presumptious. I am not any smarter than anyone.
1. Keep reading here. There is another SHZ out there, and I WILL make $1,000 in 4 hours again.
2. Don’t look at the bottom line. Look at EVERY stock EVERY day. Have a mechanical limit for loss which will override emotion, no exceptions. No exceptions.
3. Have stocks you’re itching to buy. That will help you dump the ones that are not holding up their individual weight.
4. Always have cash to buy something on a moment’s notice.
5. Take a look at every stock mentioned on this board. If it looks like something you’d like to watch, put it on your watch list. If not, dump it and do not look back.
6. Do not regret money left on the table.
7. Don’t chase. Put out stink bids, and let them come to you. If they don’t, maybe adjust. But do not chase. Be more patient. They almost always come back to you.
8. Good enought for its own category: BE PATIENT!!
9. Decide why you are here. There are several possible good reasons. You want to survive. You want to make money. You enjoy the game. There are other reasons, but the point is to be able to ask yourself if you are achieving your goal here, and if not, do something about it.
10. THE BEST ONE SAVED FOR LAST: DO NOT EVER LOSE $20,000 ON ANY ONE STOCK EVER, EVER, EVER AGAIN. MAKE $1,000 MISTAKES. DO NOT MAKE $20,000 MISTAKES. EVER! The road back from a $20,000 mistake is a long, hard, cold, unfriendly, (did I mention long?), road. Do NOT go there ever).
So… here’s wishing ME great success in 2011. Best wishes to all you very deserving souls.