Drown Out the Noise

Trading is about making money. Worry about yourself and your goals. Don't get distracted by what some other trader is doing or making. Folks are always going to boast about their best trades. There will almost always be another position you could have held to do better; however, don't get caught up in jealousy or what could have been. In the end, you'll be a more successful trader if you don't. It will keep you from chasing positions, oversizing positions and getting off track from your goal. Plain and simple: Your goal should always be to have more in the account. When we get into a strong or continued move in one direction, the chest pounders will come out full force, so drown out the noise and focus.

Cia Energetica Minas Gerais (CIG) made a nice push into the gap over the last two days. I was incorrect in my original anticipation on its first push into the gap as the stock spent the next several days consolidating on the cusp of a breakout. Finally, we saw it on Wednesday, about a week later. Fortunately, there wasn't any weakness that would have had me alter my thesis or stop out of the holding. I added a stop today at $12.98 and got hit, even though the shares are still sitting just above $13.00. My view is to keep a stop on this one and continue to watch for the gap fill....147 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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