Some valuable lessons were learned this
past week. It would have been more agreeable to me had the short
signal on TNA worked, but when it failed I was conditioned
sufficiently by this market to buy the dip even though in the back of
my mind I was suspicious of each and everyone. Suffice to say all
the positions I took failed but at least I salvaged some capital by
exiting two at break even while taking losses on the remaining. In
retrospect it would have been better to remain on the sidelines, but
that is no longer here nor there because as traders the market in
front of us is the only information available.
What this got me thinking about is how
much noise I allow into my process and how much of it is beneficial
versus detrimental. This is a fine line when beginning this journey
and one I've clearly not come to a conclusion about. Up to a certain
point it's a necessity to branch out and absorb as much information
and data as possible. This is learning. However, in the constant
pursuit of market knowledge, eventually there must be a reliance upon
one's own beliefs and signals. It's all too easy to be assuaged by
the comments of others or dissuaded of one's own thoughts due to a
constant barrage of disseminated information. It's not an easy
answer finding out when this is.
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