I had a great experience this week involving a particular stock that I had bullish view on. The stock was NWL (Newell Rubbermaid Inc.). I had posted my chart here: http://chart.ly/i3dcjdc and received a comment from another trader on StockTwits.
The great thing about our exchange? We both listened. We both digested the opposing view, perspective, and thoughts. I elected to adjust my view to one of more caution -- to let the pattern develop a bit more. That patience paid off as the pattern did develop in to a Trend Reversal, thus providing a much improved entry to the stock (16.8). Today, the stock showed great follow through (with great volume I might add).
I've always prided myself in being a good listener, but find it ever more important with so much at stake (like real money!). Make sure you are a good listener. It is ok to be wrong, just know when you are -- and adjust.
No comments:
Post a Comment