Broken glass lay about my feet, shards missed me yet they cut anyway. It's funny how things we hold dear can be broken and we feel pain, yet things we don't care for we don't notice passing. This was dear, yet perhaps the passing of it good. There comes a time when we all have to let go of things that no longer suit us, no longer give us joy, or no longer give us pain.
Notice how we hang onto pain? We get used to holding it and not even knowing after a while that it is painful. The denial, the need to hold on to the hope so strong, that we rather deny the pain than let it go. It is only when gone, that we notice the missing of it. Then we notice the relief or perhaps we notice the emptiness. Many rather than filling the emptiness with something new, yearn for the old and invite the pain again.
That is how holding on to a losing trade feels. The pain of daily looking at its existence after not heeding the stop, watching the bad go to worse and the resistance of letting go seems to get stronger with each tick, minute, hour and day ad it could be weeks or even months before we get the courage to finally cut the cord. Once letting go of the "friend", and feeling the cut of the glass long ago broken, the healing of the wound is almost immediate because the pain is gone and the good feeling is rather euphoric. A deep breath; do not dwell; just go on is often advised.
Once done, we can fill up the void by finding another trade, and this time promising ourselves we will not do it again, yet.... again it creeps in like a bad habit and the feeling of pain is almost welcome like a long ago lost friend.
It is not an unusual scenario, many commit it and talk of it less. Yet it happens in daily lives everywhere. We all do it in greater or lesser terms. It is not unlike the prisoner who has spent so many years in such state and knows no other familiar territory, seeks it again; or the person who's been terrorized so long, rather hold on to the known than leave the tormentor. Nations have done it too, like post communist countries that have drifted back toward the regime because the generations knew nothing better and their education was so riddled with indoctrination, that they have had a hard time assimilating true freedom.
The mistake is made and the repeat path is cast by not analyzing nor examining what made us hang onto something that served us not, but damaged the well being of our capital and our confidence. Whatever reason it may be, the examination of it is a must so we can proceed successfully because the pain will always be ready and waiting for us to don it again until the lesson is learned.
Happy Trading, Living and Letting Go
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BIDU today after hours and will most likely be a tight play but needs to be watched for the day for possible opportunities.
Posted 06:58 AM 2/9/10 Eastern