Wednesday, May 13, 2009

Wednesday Epilogue - No Regrets

In light of some of today's comments, I thought I'd reinforce my last response, especially for those new to this diary.

All -

I have zero regrets on the entries, which as I referenced in the post I'd do again in a heartbeat ... and with the same size.

No pain, no gain.
No risk, no reward. It was a judgment position that normally would be correct, and would have scored big ... and I know in the oft chance I'm wrong, that I can adjust and come back.

No regrets at all -- even if the day's hit would have been hard. Frankly, if anything, it shows perhaps my aggression is showing signs of returning which has been dormant for a while.


That last sentence is key to me. Also, a reminder to onlookers that I do take calculated risks over and over and over again -- including discretion sizing -- knowing full well I will hit one into the woods from time to time. And it's not gambling ... it's probability trading, and in the long run we're on the house side of the casino.

And I only care about the long run.

This ain't tiddly winks.

P.S. Keep the comments and dialogue coming ... all good stuff. Just wanted to reinforce my comments.

1 comment:

Anonymous said...

Hello Don,

My name is Maarten. I am a 25 year old (retail)daytrader in the Netherlands. I've been trading the dutch AEX-index for more than 5 years now.
Every year showed me a loss so far. But i am learning from my mistakes, and getting better every day.

I have discovered your blog last week, and I think it's amazing. Yesterday, I watched all your 31 clips on youtube and I learned a lot.
Thanks for giving value :)

I want to ask you a question if you don't mind.
Can you explain a littlebit about wholesale and retail prices? I don't fully grasp this yet.
In your may 12 blog you talk about 'wholesale short entries' how do you know this? do you look at volume?

Hmmm... That are actually 4 questions ;)


- Maarten