Don’t Procrastinate, Take Risk, and Have Patience

My tendency to procrastinate and hesitate due to disproportional amount of fear has been costly.  The fact that I get distracted with zillions of ticker symbols from all the StockTwits also contributed to the wild goose chase and came back empty handed.

Over the weekend I spotted PAAS having a doji off its 20 dma and in the middle of a wedge. (See circled area).  But since Monday morning it gapped up and SLV has been going parabolic and overbought, I forgot about it.  Today SLV shot up another 2%, and I missed an easy 7% trade in PAAS:

Even as the market has been so overbought for so long, nice profits can still be made everyday.  However, the fear has gotten a better part of me and I aborted trades way to early and left a big sum of profit on the table.  See the GDX trade posted earlier today.  Two more below to document the pain.

The first was GOLD.  While the rest of the gold miners rallied yesterday, it was the sore thumb and consolidated and flagged.  I got in late yesterday but it didn’t play out so I left 50 shares overnight.  This morning it gapped up and I jumped and exited right away.  It’s almost like I found an oasis on a desert — I was that desperate for any profit!    I missed out the remaining 5% intraday rally. Ouch!

The second was AAU.  I got in at perfect spot, much like the GDX trade.  But then I proactively took profit again on the DT line on the daily chart and the RSI > 70 on the 5 minute chart.  I missed the remaining 15% intraday rally.  Ouch!!!

Given my temperament, I think all these TA’s that indicate overbought and negative divergence hurt me more than help me.  I really seriously wonder if I should remove them from my chart so I don’t exit a position after a mere few minutes ?!!!

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