Saturday, January 07, 2006

Ah, when to sell, or I saw this truck coming but didn't step out of the way...

Now GNSS isn't one to complain too much about; it really is a study of selling timing. If you want to get into the psychological diary of this one over the past few days, I was riding a real nice uptrend on Tuesday and Wednesday. Thursday's open gave me an upside breakout that on an overall up day for the market failed to produce any intraday upwards move. I have to confess when I say ganiss pushing 20.50 with the earlier gap fully closed my trigger finger was ready to fire. But, I have left a lot of money on the table by selling too soon, and hesitated. I realized my error today as the failed breakout resulted in a drop to support... At 11am I was ready to close the position, but I told myself that 11 am is not the time of day to close a position on an overall strong up day for the market. I dug myself a hole in this position and on Monday I'll need to try to find a way out of it ( a little luck never hurts either, but that's not something I'll count on). This is why trading is not for the faint of heart, and is one of the primary reasons for my Friday Miller time today.


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