Polaris - Devious Fake Breakouts

After cutting a 3 pip loss in Polaris, I knew my decision to cut loss was spot on. The biggest mistake I made was to allow profits turned losses.

http://stockmarketmindgames.blogspot.sg/2013/06/polaris-profits-turned-to-losses.html

Yesterday the price was at 0.024/0.025 and today it was 0.023/0.024 before reaching a low of 0.021/0.022 earlier on.

Again like Oceanus, there was a fake breakout identified which has a detrimental effect. While the price was stagnant yesterday and while a lot of people thought the BBs were accumulating, I think otherwise. I believed there was a reason why a fake breakout was carefully crafted, so that the public chase on good news and the BBs unload to the unwary public. Smart maneuver!

Ronald K - Market Psychologist - The Big Speculator

Polaris - Profits Turned To Losses

Yesterday was a total bloodshed late in the morning. However early in the morning, I knew something was totally wrong and by just hesitating for a flick of a second, I wasn't able to cut loss fast in Polaris at 0.026 which would have saved me $3K SGD. Ok, so that's one of the mistake I made by not reacting as fast as I normally would.

May 31st 2013, I once again got caught on that devious fake breakout, fake volume which I don't want to go behind the scenes to explain what happened and why I did not book profits during that day. The end of the story is I had profits which turned to losses. This is only the second or third time that it happened to me in my entire trading journal ever since I started speculation and so I take it very seriously. I can make a wrong call and cut loss, that's fine. However profits turned to losses is a big put off and a no no to me. I was mad at myself for my greediness and hopefulness and so from here on I am only going to listen to my inner thoughts and observe what the BBs are doing. No more fixated target price nor hope nor greed.

Paid a hefty price for this unforgivable mistake I made but at least my emotion was reduced to the very minimum and my cut loss was only 3 pips down. I don't mind losing big money but at least I dare to go big and give it a try. I understand that in all great attempts, it's glorious to fail. Without failure and learning the art of losing, how can I ever free my ambitious mind to taste the labor of success later?

Ronald K - Market Psychologist - The Big Speculator