Furu to Guru

Trading is perhaps one of the most difficult endeavors on the planet. So unless one has a true passion for trading and an ironclad, unwavering, and resilient calling to trading, he or she will likely face the spectre of defeat. Here are some thoughts from the wise to keep you going if trading truly is your calling. Just remember, Never Give Up! “When you get into a tight place and everything goes against you, till it seems as though you could not hang on a minute longer, never give up then, for that is just the place and time that the tide will turn.” -Harriet Beecher Stowe “Many of life's failures are people who did not realize how close they were to success when they gave up.” -Thomas Edison “Never give up on something that you can’t go a day without thinking about.” -Winston Churchill

On Friday, I pulled up my FinViz scan around lunch time and noticed this beautiful overextended daily chart of ONCY: ONCY had doubled in just a few days and broke through the key magnet of $1. Therefore, I was short-biased on any trend break but wouldn't hesitate to go long if ONCY continued to uptrend and breakout in the afternoon. Why? Because this daily chart attracts the most short sellers, and if ONCY didn't breakdown, it likely would squeeze some shorts and breakout, or at least re-test HODs. I pulled up the intraday chart, noticed ONCY was in a nice unptrend, drew trend lines, and waited for the uptrend line crack to short. ONCY cracked the uptrend line fairly quickly, and so I shorted $1.03, risking to $1.05 (i.e., if $1.05 didn't become resistance, I'd get out). ONCY washed out immediately sub-$1 and I covered half into that washout. ONCY popped back up to $1.05, which spooked me, so I covered the rest, despite the fact $1.05 became resistance, wh