Initially when I started the Stocks vs. ETF Challenge, I had envisioned it would be set it and forget it with orderly monthly updates. I learned quickly, and am still learning, that the stock markets listen to no one.
Easier Said Than Done
From Libya Crisis: Best Trades Ever! I proclaimed, “Quickly reassess what to do next.” What I actually did was take a few days off, focus on blogging, whine to myself as the stocks and ETF I was watching rocketed away from me. After crying for a few minutes, it dawned on me. Although my emotions are now in check, I was repeating the same crucial mistake. After executing my trades, I usually took time to recover. If the trade goes against me, I would focus on another passion project, make my ego feel better, and then the trades would drift even farther away. Similar to how you can get lost in blogging with all the metrics and tweaks, I distracted myself from trading with my blog! I need to fix this, pronto!
I made a decision early on that I wouldn’t be a day trader. The price fluctuations, every minute, would drive me insane. Plus with my day job and blog, no can do. I’ve been doing ok with medium term trades as it was aligned with my pace. Problems arise when I hit turbulence like Libya and spiking oil. I need to re-prioritize. I can keep my loose trading style, but have to accept some trades possibly running away from me. Or if I want to be more active with my portfolio I can’t be taking days off to recover. Like Morpheus advising Trinity to focus, I need to focus and not distract myself with my day job or blogging.
My problem is trading specific, but the solution can by applied to any problem you face. Identify, analyze, prioritize, and take action. Now if we could just get this message to Charlie Sheen, we don’t have to hear about Tiger Blood and Goddesses again. I couldn’t embed the video, so I included a link at the end of the page. Have to get through my special thanks, first! 🙂
You made it! Ok, as promised, enjoy Trinity Escapes From Agents!