Thanks Kigel for the fascinating description of your trading philosopy. I am sure you are right to not get over-extended so you can sit things out if necessary. Personally I would find it difficult to do 15 trades a day. I sometimes do 4 or so, but sometimes none. I agree that patience is necessary in trading and that many of us including me lose a lot of money by closing positions too soon.
I have had a bad week, actually, for this very reason. I was long in XTA and took 32 points. as soon as I closed it shot up another 100 or 150, can't remember exactly. Then I had two shorts in RIO, which I closed too soon, even though I have often observed that opening gap ups are always closed, because I just decided I wanted to get out. Then I went long in RIO at about 2811 at the wrong time, and doubled up at 2760. If I had bottomless pockets I would have added again this morning but I don't and I will just sit this one out. I expect there will be a lot of new money coming into the market in January and RIO will recover.
Some people are forecasting that copper may fall to 2.50 in 2007 and there is more talk of global slowdown and even recession. This may be true, but I expect Chindia to continue to keep up demand. Other commodities seem more likely to continue to rise, particularly uranium, zinc and soft commodities, which makes me thing that BLT (which has not done as well as other miners in 2006) will do well in 2007. Also XTA is strong in zinc, which helps to explain its outperformance this year.
I shall add to previous comments about how friendly and helpful this board is. Keep up the good work everyone and have a good 2007.
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