We all get busy, so I know this problem plagues a lot of us longer term swing traders and investors. You take on a small position, justify your trade, and then when it starts doing well, maybe you take a look at selling some of it, but then, having done so… forget about the rest?
Well, that’s what happened to me with [[EXK]] . Remember how well that one was doing? And I even came out and pointed out that it was battling with it’s trendline… here’s the original chart, for reference:
Well it approached it and crashed. I sold about a third at the time, which is my usual response. Unfortunately, if I was paying closer attention to this weekly chart, I would’ve sold more on the more obvious retrace direction. Hindsight is 20-20, but I should have anticipated this result:
Major takeaway — I need to limit my positions, so I can pay better attention to even small positions like this one. Think about it, not only did I miss a good opportunity to sell more or all at a significant resistance, but I psychologically barred myself from buying more at the lower support. Via these mistakes, we breed poor performance. I will try to do better for myself, and for you, faithful reader.
I still like EXK, by the way, as I do a lot of my smaller miners for the long term. I just recognize that there will be myriad opportunities to make money in short swing trades in names like one, even as this bull advances.
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Yeah, I bought EXK @ 1.72 friday. Looks like it has found support and is ready to turn up again.
Jake,
Not sure if anyone else is seeing this but it looks like your charts are being cut off on the right side. This is the second time I noticed this since the change to the new site. The first time was with the JCHP update. On that one, one of the lines in the notes column was cut off. I tried resizing the font size on my browser but it didn’t help.
Jake/Sleepy, Jeremy has not yet uploaded the image resizer plugin. This will be straightened out once the plugin is uploaded.
Sleepy, yes, I did notice it. I am also still unable to link images via URL. I imagine all these things will be taken care of when J gets things tightened up.
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Jake
A suggestion for cite improvement:
It would help readers if the date and time were up top next to each titled blog, instead of currently having to scroll down to find the time and date.
Charts fixed! Thanks Vincenzo!
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Cebu — I’ll pass that request on to Vincenzo, but you might want to post it on Fly’s blog as well.
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Sometimes our Federal Gov’t doesn’t even have to look to Europe to find “worst practices” in which to avoid… sometimes they need only look at our most “progressive” states….
The Albany-Trenton-Sacramento Disease.
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Sham Wow! Billy Mays found dead in Tampa Home.
No sign of the Sham Wow guy… no alibi yet, either.
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I’m really missing the old header at the end of the post that provided options to go back or forward to other posts:
Posted by JakeGint on Saturday, June 27, 2009 at 2:18 pm
Filed under Fibonacci Analysis, New Picks, Non-Jacksonian Picks, Precious Metals, Silver, Videos · Tagged with EXK
This isn’t as good as the old one!