Thursday, December 15, 2011

Trading: Discipline and Patience

In my efforts to double my stock account in less than a year, I must practice patience and discipline. These are the 2 virtues that are most valuable for me when trading. Stay with what works! I think it is natural for me to want to jump from trade to trade, it is my nature. I started this endeavor 3 days ago and I am up over 15%, not bad considering the dow is down about 300 points in the same time period. Inevitably, last night, I started thinking about taking profits. Now normally, this is not a bad thing depending on what your plan or strategy is. But in this particular case, taking profits would not be part of the plan that I had mapped out prior to the trade, so therefore, it would not be a good idea. Again, stay with what works and don't get too cute.

Starting Balance: $10,000.00
Current Balance: $11,512.00
% Gain                15%

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