My new years resolution: no more stupid trades
You know… those trades you regret the second you put them on. STUPID TRADES.. Non pre meditated trades are those which cost you dearly, or hell any trade which you made out of boredom or revenge etc. Think how much money you can save by cutting down on the number of non 3-5 star trades, transaction costs are diminished thus profits are increased. Applying this resolution is much harder than inexplanation i know… but the resolutions simplicity is unmatched by anything else you can do to help step up your game in 2010. I know i can save thousands of dollars if i cut back on manufacturing trades, i gotta quit cold turkey. so do you.
The 2009 market has proven very unforgiving, mistakes hurt even worse. Picking that “special” trade of the day is really the only proven way to consistently profit in this environment. SO look at it this way, if i am in what i deem “the special trade” of the day and crush it.. but if i am also in all the BS/half ass low volume puke of a stock which can turn on a dime and i give it all back what happens then? i just wasted my day/week/month. Elimination of unneeded trades in a slow market will greatly increase profits while decreasing anxiety and possibly making this market a little bit more tolerable.
Happy new year.