Tesla Posts New All Time High
Tesla stock traded to new intra day and closing price all time highs on Monday, and closed at $385.00 even. Many followers of our public Twitter feed have been with us in this trade since we took it on July 6, this year, at $308.25. At the time, I received a significant amount of feedback on my feed, some positive, but most of it negative. I explained that I was simply following my process. One of my core strategies is to buy an oversold pullback in a longer term uptrend. I screen for these trades using select technical criteria. The trade either generates a signal or it does not. There is no emotional bias that goes into the process.
Tesla, for some reason, has been a very polarizing stock. Some are great fans, and some are very negative about it. In either case, allowing any type of emotional bias to come into play is often very costly in trading, in both directions. I have no opinions in either direction, or of any position that I am in. I continue to follow my process, some trades work out and some do not. Losers are kept small and winners are pushed for as long as they can go. I have no idea where Tesla will go from here, and don't put any thought into it. Monday's close could be "the top", or the stock could move higher over time, any outcome is always possible. The key is, as a systematic trader, I don't have to know what any stock is "going to do" in the future to know what I am going to do. I have pre-defined signals that tell me what gets me into a position and what gets me out. I don't worry about trying to predict what will happen or when. Whatever the outcome, I know what the plan is when the time comes.