June 1, 2007


GOOG still going. Shown above are the 30-minute and daily charts (click to enlarge).
While the first one shows a continuing uptrend, the second adds the bullish fact that a falling resistance line was decisively broken in the last few days. Bigger, better things should follow.

And now....the musings part of the blog.
I'm reading this book on commodities by Jim Rogers. Nothing to write home about but something he said about the required character traits in a trader resonated with me.
Three main things he says:
1) be absolutely candid about your own attitude toward risk
2) have the ability to admit your mistakes
3) be willing to stray from the herd.
They don't sound like much at first but when you think about it, the reason why these traits are so hard to have and/or acquire is that they run counter to peer pressure, the strongest of pressures. We're pressured since a very young age by "our peers" to:
1) show we can "do it", "take it", "handle it" whatever "it" is
2) never explain, never apologize: it's a sign of weakness
3) be a team player.

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