8200 shares
-714
I had a mini blow up today. I should have stopped when I was down $300, or $500 but I kept trying to come back. I was in a state of desperation so it is wiser to stop trading I guess. Let me see how the day started. I traded before there was an established range, put on my trades before 10am. So when the reversal time comes along I got crushed in all my longs. I also picked today to try holding my stocks till I get stopped out. I had a lot of chances to get out with small losses but I stood firm and I eventually got stopped out for large losses. If I have waited I would probably caught some nice shorts off the 10am reversal time. Then came the bounce and I kept trying to go long again in a couple of stocks but ended up losing some more. I did some crazy things and put on 500-1000 share positions. Those ended up hurting me a lot.
1 comment:
OBAT,
Sorry to hear about your loss today. I think it's the first time you are the basement dweller in the VO. I've been there plenty of times!
With the market so volatile, stops will have an easier time getting hit no matter how far they are.
I experimented with holding things for longer periods as well. What I found is that each trade is different... some should be held, but others you need to move quickly on. I don't believe you can make a hard rule like "I'm going to set my stops and let the trade play out" all the time. Each trade is different.
Sometimes scalping will work and sometimes longer term trades will work all within the same day. One thing never changes though, making sure you only take small losses.
Hope tomorrow treats you better,
-DT
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