On Friday afternoon Lihir Gold traded above $3.90 and looked like it could hit $4.00.
It was one of those funny things that in the back of my mind it really sounded too good to last…
Guess what happened today? (click on the image to see the full chart)
I had been scaling in my position as was over exposed. Luckly I got out quickly (did I mention the value in a Stop Loss?).
I met a great person on the weekend who would say “what is the blessing?” (if you are not spiritual, then you should ask yourself, what is the lesson?)
I have noticed that I do get a little caught up in these things. Remember, I did enter at $3.28. If I ever write a book on Trading it will be called “Emotional Mastery” because before you can trade well, you must master your emotions…
Now with all the Oil for Food enquiry etc. etc. etc. I just can’t see this stock going anywhere except south!
If you look at it over the last couple of months that is exactly where its gone! But if you look at the daily there is a LOT of volume.
So SOMEONE is propping up that puppy! What does that mean to us? Well, I wouldn’t be putting my super fund in it, but there could be some good short term trading there…
I’m going to keep an eye on it…
So, how did you go?
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Overall that gives us a total of 18% and an average of 3.1%
Not bad considering the most you would have lost was less than 1%!
And THAT was in 5 days…
I like to wipe the slate clean and start again, but if you had these stocks, you sure as hell would keep them! (Especially WA News (WAN) )
Well, I thought I’d publish my watch list for this week.
Background – the last 2 weeks the ASX 200 hasn’t moved much. There’s a nice trend since Feb 2003 and the last couple of weeks is bring the market back in line.
So here’s my list. (A buy is triggered when the trading price hits the buy in amount.)
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