update

I am not day trading due to certain commitments. I was in some swing positions that resulted in a good 10% return in recent bounce (mostly gold/silver miner stocks). However, looking back at them I sold them too early on Monday's big bounce, they are still continuing to Rally and would have given me 20-25% return in this bounce. Looking back I had an exit strategy that I did not follow, just because of fear of losing profits. I was down on these during dive on Thursday/Friday. However, I held onto them seeing that gold was going up. My exit strategy was to hold until I see a big negative day or if it becomes to overbought. However, on Monday, I saw my account green and up 10% and my fears kicked in after seeing account in red on Friday and green on Monday that I may lose these profits, so exited without any reason other than fear. I also noted technically that when bounce starts from extremely oversold state, it should last at least 3 days. However, I should be on a quick watch for exit whenever things start breaking down. (similar to what Tina Logan mentioned in Telechart webinar on swing trading).

Good lesson for today is that stick with the plan and shrug off greed/fear while trading. Easier said than done. It's all Mind game, market is a good place to test toughness of your mind, nothing more, nothing less.