CNR, Never a dull moment
I wanted to start out by saying that the feedback on my last post was appreciated, it is ALWAYS good to receive feedback, so thank you.
I have always enjoyed these contests that we organize/take part in for one main reason, the total lack of emotion when I trade. I feel that this is probably the most important thing that any stock investor can learn, but it is easier said than done. Sure, you can learn to read all the charts, recognize all the signs, but if you still allow your emotions in the way, what is the point? This is probably the main reason I take part in these contests. Although they are a great way to meet people, practice "systems", and just expand your knowledge base, they are also probably one of the best ways to get your emotions in check. I personally am quite competitive in this contest, so I do care how I am doing, but not so much that I allow my emotions to get in the way. I feel that by seeing the changes (good or bad) in my account day in and day out, it will make me a stronger investor, emotionally speaking.
This brings us to the stock that I have decided to buy long, rather than short like I have been doing in the past. While, I am getting a grasp on shorting, but by no means do I consider myself an expert. The reason for this trade is actually pretty simple, CNR is a fun stock to watch. It is quite close to the minimum price that is allowed in the contest of one dollar. CNR usually jumps around between $1.00 and $2.00. Another aspect of this stock that I like its volume, which is usually around 2 mil per day. What this leads to is a stock that you are able to receive great leverage on, and you don't have to tie up that much money in order to see some results. I so far have took a loss on the first day ( down $.10) but I am going to continue to hold. My reasoning behind this goes back to the first paragraph of working on emotional intelligence. This is not an excuse for taking a lose, but a way to force myself to hang on to something that I fell will mostly like jump up near $2 before our contest end the first part of January. Time will tell if I am right.
The main lesson that I am trying to teach here is don't forget to work on emotional intelligence as well as your knowledge base. I don't feel that people are forgetting this, but it is always good to be reminded of the goal that exists, which is learning.
Good Luck With Everything!
Mark Zimmer
I have always enjoyed these contests that we organize/take part in for one main reason, the total lack of emotion when I trade. I feel that this is probably the most important thing that any stock investor can learn, but it is easier said than done. Sure, you can learn to read all the charts, recognize all the signs, but if you still allow your emotions in the way, what is the point? This is probably the main reason I take part in these contests. Although they are a great way to meet people, practice "systems", and just expand your knowledge base, they are also probably one of the best ways to get your emotions in check. I personally am quite competitive in this contest, so I do care how I am doing, but not so much that I allow my emotions to get in the way. I feel that by seeing the changes (good or bad) in my account day in and day out, it will make me a stronger investor, emotionally speaking.
This brings us to the stock that I have decided to buy long, rather than short like I have been doing in the past. While, I am getting a grasp on shorting, but by no means do I consider myself an expert. The reason for this trade is actually pretty simple, CNR is a fun stock to watch. It is quite close to the minimum price that is allowed in the contest of one dollar. CNR usually jumps around between $1.00 and $2.00. Another aspect of this stock that I like its volume, which is usually around 2 mil per day. What this leads to is a stock that you are able to receive great leverage on, and you don't have to tie up that much money in order to see some results. I so far have took a loss on the first day ( down $.10) but I am going to continue to hold. My reasoning behind this goes back to the first paragraph of working on emotional intelligence. This is not an excuse for taking a lose, but a way to force myself to hang on to something that I fell will mostly like jump up near $2 before our contest end the first part of January. Time will tell if I am right.
The main lesson that I am trying to teach here is don't forget to work on emotional intelligence as well as your knowledge base. I don't feel that people are forgetting this, but it is always good to be reminded of the goal that exists, which is learning.
Good Luck With Everything!
Mark Zimmer
posted by Mark Zimmer at
11:16 PM
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