My big trading mistake of the week

In his Market Wizards interview, Ed Seykota stated that "The joy of of winning and the pain of losing are right up there with the pain of winning and the joy of losing. Also to consider are the joy and pain of not participating". Well, this week I suffered the pain of not participating in the uptrend in silver, despite mentioning the potential set up on here a couple of times recently (chart below).

My only excuse, if there is one, is that the signal triggered overnight on Sunday/Monday, and I do not leave orders to open in overnight or over weekends.

At least some of the traders I mentor were more alert than I was, and are now sitting on a nice profit.

The chart also shows how even after a pronounced trend in one direction, if a decent set up presents itself you can then profit from a trend in the opposite direction, all in a relatively short period of time.

To compensate for missing out on the silver signal, I entered into a couple of mining stocks, which have started promisingly and had decent moves up yesterday. As a result, even allowing for a number of positions being closed on Thursday when the indices moved down, the cumulative returns achieved (and detailed here) finished the week at new highs.