+128
I took it easy today. I just took some $40-50 scalps since I had no grasp of the market direction. I made one mistake and lost 66 cents on 100 shares. I bottomed fished LDK and lost money. This trade reminded me of my FCX trade last Friday. I was sitting on some profits and decided to get greedy. Stock reverses and trades back to my entry price. I hold on and end up taking bigger than expected loss.
New rule: When a profitable position reverses and comes back to my entry price, I will close the trade.
1 comment:
OBAT,
I'm with you on the new rule. Can't tell you how many times I've let a scalp turn against me and turn into a loss. Scalps can be difficult because there [more often than not] isn't much time to trade from defined entry/exit points. Just gotta go with the momentum and squeeze every penny you can get and sell when she turns on you. Good luck tomorrow.
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