And Sometimes Things Just Go Wrong…

Took my first loss too last week. I’m still up 34.09% on initial bank, but here’s what happened. On wednesday january 24th i got into JRCC at $6.30 on technicals that looked ‘decent’. It never hit my target. I got out next day with a small loss at $6.21.

I had several opportunities both days to exit at $6.54, but just wouldn’t believe all that testing of $6.54 and failing to break it meant anything. I just read scmfinance’s latest post and I made the same basic mistakes. After testing and failing to break thru a price a couple times, it’s time to bail. This is NOT an ‘investment’ game we’re playing- it’s a gain and frequency game.
Partly, I got all tangled up in and deceived by fundamentals on JRCC. It’s a low-suplhur coal company and low-sulphur coal is highly prized. blah, blah, blah. Read the charts, orange- just the charts!! But i have to say that knowing that little bit about JRCC was often a comfort, as it suggested that hard dips would be unlikely. The fact that tuesday it finally went up almost to my 10% target means nothing to me, as the important thing to me here is simply “fast in and fast out”.