May 09, 2006

Agnico-Eagle Mines Ltd. (AEM)

Today I was lucky enough to make a little over 8R on USG, AEM and RBAK. I shut everything down after lunch, like I am trying to do more often, but I came back too early and screwed everything up like usual.
3.7R is a nice trade, but AEM would have been a 7R winner if I hadn't been greedy and sold it too soon:


I trade best when I am not trading.

Comments

Wow these are awsome results. How did you choose AEM and USG?

Posted by: Eyal at May 9, 2006 08:16 PM

Thanks - they were both high alpha stocks that opened strong.

Posted by: Ugly at May 9, 2006 08:43 PM

"... but AEM would have been a 7R winner if I hadn't been greedy and sold it too soon:"

Actually, isn't it fear that made you sell too soon ? I think it was Jesse Livermore who said our normal human instinct gets in the way of profits in trading - we fear that a stock will start to decline after it starts going up so we sell too soon - and we hope (greed) that a stock will stop declining and go back up and it continues to fall, causing further loss.

Let your profits run and cut your losses short yada yada yada ...

All said, while many of the same principles apply to day trading as in longer term trading things are so compressed in day trading that this kind of occurrence is probably to be expected.

Great trading today. Congrats !

Posted by: Todd at May 9, 2006 10:23 PM

I like yr comment "Trade Best when not Trading".

Posted by: Francis at May 10, 2006 06:06 AM

Fear and greed are very different feelings, but most of the time they seem to appear together when I am trading and it's hard to tell them apart. I think it was both fear and greed. I was afraid to lose money.
Thanks guys.

Posted by: Ugly at May 10, 2006 07:44 AM


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