Thursday, November 25, 2010

Copper short done for the moment

Had this in reply to a congratulatory comment on being up 25%

  • Still got 24% up, was up very high to 37% last night on a nice move down on copper, caught the top almost perfectly.  Then figured it would run down alot over weeks, so I would keep a very loose stop to not get whipsawed out of position.   Got greedy in other words (or alternately--let your winners run), and copper made a punishing move upward.   I was punished.   

  • I considered closing the position (while I was up big)  and then lying in wait to short further weakness--in retrospect, would have worked alot better.  Just now copper is going vertical on low volume, busting through a triangle and the PRS 177.    
  • Could be a trend change to the upside.   
  • In the recent path, I have done well when taking profits relentlessly, and far smaller pieces than I "want to".   That seems like all the market will give a person these days.   
  • However, taking a small profit is far better than taking a loss.

    This issue is the time involved and ability to monitor.
I am giving thanks that I protected my recent good trades.  Upset that I got greedy, knowing that taking small quick profits has been nearly the only thing working.

Alternate point of view....PTQMF, I am still long lots of that gold miner. 

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Insightful and Useful Comment!