As a human, I sometimes do commit asinine mistakes. Every time I told myself not to chase and buy on breakouts, some days I still commit that unforgivable mistake and had to pay a hefty price. On June 6th, I went to long Midas on a high volume day, at the time when I longed, I knew I committed a crime again and would need to get out quickly so as to either secure a profit or cut loss quick.
On that very same day, I had a chance to get out at 0.505 and make $500 but because of greediness, it cost me $ again. Yesterday, I could have cut loss without losing a single cent but just minor commission, again because of hope, it cost me $ again. Today, I decided that when the market opens, I am not going to hesitate too much but to watch for a few minutes before decide my course of action. 23 minutes passed by and finally I decided to liquidate with no hope or greed whatsoever. My cut loss was 2 pip however I learnt a valuable lesson in identifying fake volume with fake breakouts. Midas is currently trading at 0.48/0.485.
We are now entering one of the most challenging market where there are constantly selling across the boards. Will this present an opportunity for us to buy low again? I still think timing is very crucial at this point of time due to it's volatility.
Ronald K - Market Psychologist - The Big Speculator
