How do we fight Greed?

zdreg · Aug 7, 2013

embrace it.

Pipflow · Aug 8, 2013

I think that by developing satisfaction one can avoid greediness.

JesseJamesFinn · Aug 9, 2013

NoDoji,

How do you avoid "over-trading", will you shut down the "High-Low" tickers and Scanners and other news while you focus on your main stock or pair of stocks?

How do you avoid being drawn into these "Bug Zapper" stocks like GMCR, SODA or shorting TSLA like many people do for reasons beyond my knowledge. I understand intraday weakness but I know a few Short Sellers who are in TSLA and HLF and wonder if there might be a better way for them to make money?

NoDoji · Aug 9, 2013

Quote from JesseJamesFinn:

NoDoji,

How do you avoid "over-trading", will you shut down the "High-Low" tickers and Scanners and other news while you focus on your main stock or pair of stocks?

How do you avoid being drawn into these "Bug Zapper" stocks like GMCR, SODA or shorting TSLA like many people do for reasons beyond my knowledge. I understand intraday weakness but I know a few Short Sellers who are in TSLA and HLF and wonder if there might be a better way for them to make money?
More...

I have a trading plan with specific objective rules and after getting my face slammed into the sidewalk enough times, I learned to follow them.

If you don't have experience trading "bug zapper" stocks, just avoid them. TSLA is a buy until it breaks down technically. It's in a massive uptrend. It broke out hard a while back and awesome ET member Stocks4Life called a buy early in the breakout around 108.00, which quickly exceeded his profit target and is now almost $30 beyond that after pulling back to...around 108.00. That's called a "strong trend". Don't fight it.

murray t turtle · Aug 12, 2013

Quote from JesseJamesFinn:

My emotions are usually devoid of emotion unless I make a really stupid trade. I went against my better judgement and played USU even though you could see it was under a Short Attack. I took my loss $890 bucks, not bad and had STXS on the LL2, been watching it since it went to $6.90 two days ago on their FDA Clearance News.

When the stock hit it's intraday high, I bought 5333 shares @ $5.65 and sat back and watched it grind between $5.5 to $5.69 and finally we get the MoMo needed and jump to $5.87 and fall back to $5.69 as Market Makers are trying to control the stock and dump shares to keep it down. My Excel Page volume spread I keep a mental and Excel note. Stock goes ballistic and volume now climbs fast as price and road blocks of 12,000 to 25,000 shares at price points of $6.00 are sucked up.

I put in a few sell orders but greed made me cancel them. My sell order finally was cleaned out when STXS was trading at $6.85-$6.87, I tried to cancel my sell order at $6.90 and someone used EDGE's "keep in the book" to clean out my 5333 shares. I sat back and watched it climb to $7.80, I was afraid to put on a new position because I was unfamiliar with its new behaviour.

Stock blows past $8.00, I had one hour of sleep and finally shut the computer off once we hit $8.40, (8.99 was the day high) now usually I am devoid of emotion with a big gain or small loss, big stupid losses piss me off.

Why is this trade now bugging me? Why am I not happy with what I made? I used the gain to add shares to my PPC at $17.80.

I had a incline the stock would go into Berserk mode once it hit uncharted waters, blowing past it's previous 52 week high but I was unwilling to risk it. How do we tell ourselves we did the right thing by getting out even though we leave $10,000 more on the table? BCRX was trading at $5.1 when I added some to it, and PPC at $17.80 and I feel good with them. I feel good with SNV and VSB (all-time high). I feel bitter about selling STXS so soon, there are some giant traders here on Elite Trader who often smash the ball out of the trading-field, what do you tell yourself to get that empty feeling we usually have that "we did a good job and followed or plan by keeping the loss small and taking the trade off once it went beyond our price point expectations and it's price-action behaviour is no longer understandable?

I followed my plan and still feel stupid, why is that?
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Wel, Jessee l;
lots fight greed by not buying ''penny stocks'' -stocks mostly under $5.00.My chart shows it is ; one year cart, all data monthly chart.

Dis-reguard if its not a penny stock.

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How do we fight Greed?

zdreg

Pipflow

JesseJamesFinn

NoDoji

murray t turtle