So, what's this story got to do with online trading, you might ask? Well, nothing and everything!
The fact is, it's a very good life lesson. Many traders trade like this – absolutely certain that what they are doing is right, and MUST be right because it's them doing it. And that's totally irrespective of what the markets are plainly telling them!
We get negative feedback from the market, e.g. it moves against our position. So what happens? Instead of having a stop that gets hit and takes us out for minimal loss, we have no stop at all. Or worse still, we actually ADD to the position. That's kind of like saying to the market, "You IDIOT!"
…the Dow Jones shows major support from a long-term trendline going all the way back to the low of 1987 following the Stock Market Crash. THIS is why the stock markets have been rallying of late and for no other reason….
…these are BEAR MARKET RALLIES. Although they are strong, these stock index rallies do NOT indicate that the equity markets have bottomed. Not at all.
Instead, what is happening is that they are finding very long-term technical trendline support and are rebounding from them. …
Glencore Staff Agree to Defer Termination Payments (Update2) – Bloomberg
March 11 (Bloomberg) — Glencore International AG, the biggest commodity-trading company, said senior staff agreed to measures that would delay future termination payments in an attempt to strengthen the company’s finances. Departing “key
IIT alumnus earns laurels for boosting India-Vietnam trade – Deccan Herald
Shantanu Srivastava, 52, who passed out of IIT-Kanpur as a mechanical engineer in 1977, was recently conferred the title of "Friendship Order of Vietnam". Indian Institute of Technology (IIT)-Kanpur is widely renowned as a centre for excellence. And
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More on Glencore Staff Agree to Defer Termination Payments (Update2) – Bloomberg
So, there I was having done a Dow Jones trade that I had every
reason to be proud of. I had bought the Dow Jones at 6474 last
Friday night, just 4 points off the low of 6740 prior to a major
rally. I had watched it retrace to the 76.4% Fibonacci
retracement level, while having added a slightly misguided
pyramid to the position at the 61.8% retracement.
