Mild profit taking gold stocks

Most-active gold for August delivery on the COMEX division of the New York Mercantile Exchange was up $6.60, or 1 percent, at $684.70 an ounce, dealing between $675.80 and $687.60 -- which marked its loftiest level since May 10.
Mild profit taking for HUI but yesterday, the HUI rallied above four previous tops at the 370 level to close at 371.11, it's highest close since May, 2006. The next upside objective is to better the May, 2006 closing high of 394.22. The Gold/XAU Ratio closed at 4.32.
Several new stocks are on my watch list--I will buy if the gold stocks correct in next several days: AEM, MDG, and PCU.
Heavy volume in broad stock market selloff--this may mark the beginning of the long awaited correction.

I promised a few days ago to write a few lines about trading discipline. Find and develop your own investing and trading stretegy. I am a trend trader and prefer trading gold and other precious metal stocks. I have found that over the years we develop certain habits much like tendancies in our golf swing. Our golf swing is determined in a great way by our setup, grip, stance alignment etc. Excellent golfers always have a game plan and visualize their shots. In our trading our attitude and mental capital are our greatest asset. I have developed several trading rules over a lifetime of investing--the most important and only written rule is "don't lose money." Dennis Gartman a well known market writer, trader and analyst has a list of rules--my favorite being, "there is never just one cockroach."

Two excellent books on buiding discipline: SELF-DISCIPLINE IN 10 DAYS BY THEODORE BRYANT (COMPLETELY UNRELATED TO TRADING BUT DISSECTS OUR OWN INNER CONFLICTS AND BARRIERS TO SELF-DISCIPLINE) and TRADING IN THE ZONE BY MARK DOUGLAS.

My main reason for writing this blog is to record real time my thinking about each trading decision.

Today was my last vacation day at Horseshoe Bay Texas--tomorrow evening I fly back home to Arkansas. Played a rainy round of golf today on Apple Rock golf course only one birdy--sandy small greens.