Tuesday, February 05, 2008
Here I am in Honolulu waiting for our connection over to Hilo just starting to write this post. I sit in this spot to plug in every time.
I have been catching up on what happened while I was watching Kung Fu reruns on the plane (no joke), I've got Northern Exposure and Crime Story for the ride home.
I saw the market open on the ISM print and obviously it puked down from there.
Over the weekend I blogged about wondering if I was wrong and whether I should get more long. I expressed a second guess but that I had no intention of doing anything differently which was the case, no widespread trades this week.
So my second guess came at a top of sorts. This is a great example of how to manage emotions/thoughts/whatever. Doubting yourself is part of the equation of participating actively in the market. Succumbing to emotions/thoughts/whatever in a panic doesn't have to be.
One aspect of this site is a look over my shoulder at what I am thinking and this sort of "what if I am wrong" moment is a great example. It is ok to experience these. Obviously at this point I am glad I did not commit more but maybe we rocket off the low today and that's that, I don't think so but there is no way to know.
I guess the point is to realize you will have moments like the one I just had and knowing so ahead of time (I did know ahead of time) can spare you from a reactive trade that ends up being a mistake.
Questioning where you stand is common for many folks in the bear market process.