Thanks, BCE, very nice excerpt! The part above was quite interesting. I was triggered into a short position a couple weeks ago and price fell over 10 ticks my way right out of the gate and literally jumped back up above my entry price. My stop loss order was around 13 ticks and without hesitating I immediately added a 2nd stop order at the same price to reverse position if it triggered. The pending loss didn't bother me at all because if price broke back up through that level after buyers had stepped in so vehemently off the break down, it was then one of my favorite long setups and I was actually excited about it. It was the first time I truly did not care one bit about a loss because I felt that the result of reversing sides at that level would produce a significant profit, enough to make the loss seem meaningless in the end.
30 ticks here 30 ticks there, could mean having to rent that beach house in grand cayman instead of owning one over a 5 year period.
Good Morning Well got off to a late start today and just missed that opening pullback, the easiest most predictable move. Oh, well. I'm going to maybe just let it go for now. I was awake quite a bit in the middle of the night and actually was just thinking good thoughts about my life in general going forward in the next short while. Don't strike me down God now that I said that. Ha. And when I eventually got back to sleep it was late when I woke up. It all happens early here on the West Coast. Feeling good though. I enjoy sharing with all of you and learning together on this thread. I know together we're going to get even better. BTW here's a guy that many, including me, thought was one of the all time great posters on ET that I just discovered last night had started posting again a few months ago after years of absence. Check him out if you want. http://www.elitetrader.com/vb/showthread.php?s=&threadid=204198&perpage=6&pagenumber=1 __________________ We shall not cease from exploration And the end of all our exploring Will be to arrive where we started And know the place for the first time - T.S. Eliot -
I quit, good luck everyone <a href="http://s1219.photobucket.com/albums/dd438/bswansen1/?action=view&current=iquit.jpg" target="_blank"><img src="http://i1219.photobucket.com/albums/dd438/bswansen1/iquit.jpg" border="0" alt="Photobucket"></a>
You're welcome. Here's a thread devoted to this. http://www.elitetrader.com/vb/showthread.php?s=&threadid=213079 I have a few more things to add. Not saying everyone should adapt George's risk strategies. But he makes some good points. I appreciate that you're always learning. And getting better at what we do.
I've been waiting for the market to call to ask me if we should retest those lows from yesterday. Still waiting and no one's called. Looks like it's doing it's own thing.
I have to keep remembering... It's never too low to short until I decide to short the LOD, then it will be too low to short. haha Picked up 20 on the ride back up though! .96 to .16