Aug 012012
 

I may be dating myself, but..

Said woman take it slow, and it’ll work itself out fine
All we need is just a little patience
Said sugar take it slow and we’ll come together fine
All we need is just a little patience
(patience)
Mmmm, yeah

Those are the lyrics to Guns N Roses hit song Patience.  This song reminds me of how important patience is in trading.  Tonight I had great patience to wait for a good entry, but unfortunately I didn’t have enough patience to stay in the trade.  Buyers weren’t able to move price up and my System 1 took over (System 1 is a term for the untuitive mind, from the book Thinking Fast & Slow, if you’re curious System 2 is the alter ego and is based on logic).  My intuition got the best of me and I scratched my trade and then watched it hit my targets.  I should have trusted my stop.

Keeping positive, I did well reading the market and picking out my spot.  And I have enough gains last month to cushion against any losses this month.  So I can ditch the fear and let it play out.  Tomorrow.

 

  2 Responses to “Patience!”

  1. If anyone has money in KNIGHT I should tell you I hear customers are pulling their funds out asap…

    Could we be seeing another MFG/PFG here???

  2. http://www.zerohedge.com/news/td-ameritrade-resumes-trading-knight-hours-credit-line-expires

    Will KNIGHT be there on Monday? Am hearing JPM is opening a credit-line but that doesn’t inspire confidence…

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