Self Assessment Time: I'm up $3,441.29 for the month with not trading the first week and of course labor day holiday. Overall pleased with trading habits. Was starting to get stubborn and have per-selected profit targets. Even though it would get close (like within a 0.01 of target.) I would not sell thinking it would continue to climb. Twice now that has burned me and caused me to lose more than original risk level. Entries are good for the most, exits are OK, but not taking anywhere near the meat of the moves. Which is why I wanted to cut losses intelligently not just quickly. This concept is great as long as I don't blow the dang account up before I realize rule #1 is rule #1 for a reason. Once I am able to add more padding into the account then I will start to cut more intelligently, until then I will take the scalps if needed and go back to trading scared. The small buffer that I have built up gave me a false sense of security and the market very quickly took that feeling away.
Join now or log in to leave a comment