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Wednesday, June 29, 2005

Trading Rule #1

The Big Picture has a good post about error trades:
The first rule of trading is simply this: When you make a mistake, when you buy or sell ANYTHING by accident, you immediately unwind the position.

There are no ifs or buts. There is no after the trade consideration. (There's no crying in baseball). Do not justify or attempt to rationalize the position. You reverse the trade the very second you discover it.

Why? Because you own something you never planned to. You did not do the due diligence, the research, the stop loss planning, the carful contemplation.

Read further:
The Big Picture: Trading Rule #1

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My advise do not give up on a stock to easy.

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