It’s very difficult trying to “teach” people not to be greedy.
Human nature ( or at least the human nature you “had” before becoming a trader ) pretty much has “greed” wound tightly ’round your genes, and for the most part – that makes sense. Man finds something that he wants / needs, then he wants more, he needs more, and if only driven by the human instinct to “survive” – he looks to “get more”.
What happens when you wake up the morning after your “discovery” and the “more” you where planning to go back for – has disappeared? Overnight – the watering hole has dried up.
Thankfully you took what you could the day before right? Running home to get that “bigger bucket” (to put all that water in) didn’t work out to well for you did it?
You have to learn to take profits when you see them…as in this crazy environment there is absolutely no guarantee they’ll still be there in the morning.
Kong on the scoreboard with 4% returns on trades initiated Monday – now looking at re entry . As well on the CNBC front I’ve actually been pleasantly surprised this week as…..the floating heads have shown considerable restraint ( as I would have expected them to just say buy, buy , buy ).