Trading lesson of day for me: As I look at Reliance Steel (RS) and Steel Dynamics (STLD) today, I recall back in October of '06 when I came within an inch of pulling the trigger on each. In fact, I actually remember the day. But close only counts in horseshoes and hand grenades. Back in October, they were at amazing levels of valuation, and have now both basically doubled. And I was going to place large bets, too. I will never again - ever - hesitate to pull the trigger when my screen tells me to. I am so disgusted I could go puke. But that won't make me any money. UGGGGGGHHHH!!!!!
Always better to pull the trigger when the screen/indicators look the way you want them to when you enter as is...and if you have a doubt lingering somewhere, get rid of it or lessen your position in. Even if it doesn't work out, if you look it over and know that everything was on the up-and-up when you entered and that you didn't misread or miss something, well shake it off...because getting it worked out means the next few have a much greater chance of becoming positives. Otherwise, this is what happens Then again, we all have that moment...or 2...
This is something I struggle with as well. Hesitation when your instincts are screaming for action. I chalk it up to fear of losing getting the best of me. This is a flaw that must be remedied to become a better trader.
Meh. I 'pulled the trigger' on 2 super stupid buys yesterday, and are still crying about them. Hindsight is 20/20, and we all conveniently forget the dumb ideas we didn't pull the trigger on when looking at the great ones. Just move on, that kind of introspection will only lead to over confidence, as I remind myself looking at my gaping 10% 1 day loss.