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The Trend is your Friend? |
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By Denise Shull
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July 02, 2010
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We are in the 3rd day of a strong trend right now... has anyone been fighting it?
The first thing that typically happens is a trader feels like they missed a big push ... and they only know to take the other side. They don't think about how to jump on the trend because they are in the full throes of feeling like they missed something.
So then... said trader fights the trend for 2,3,4,5... trades until he or she FINALLY decides to go with it - at about 2pm Eastern in the afternoon.
I don't think I have to tell you what happens next - do I?
Things to work out to stop this from happening to you -
1. the feeling of having missed the first move.
2. the underlying feeling of wanting to be so smart you pick the turn.
I often say "Walk, Wallow, Words" but as one of our astute clients pointed out to me after a talk with one of our mental coaches - WRITE - instead of just words works better. If it seems like too much trouble, ask yourself - more or less trouble than suffering the fight of a trend?
Visit Trader Psyches to register for Denise’s blog updates.
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