Ripley your dillusional. You make those kind of trades and then say you had a momentary lapse in discipline. I will bet my left nut that you will not make it this round. ozzy
^oh man.. I deleted that reply because I was writing that when FuturesTrader71 was replying to this thread. Thus, I felt that was the inappropriate thing to say. Thanks for saving it. Good save
I disagree with your disagree. He entered at the bottom of the flyzone debacle, the moment it was cleared it shot back up. If you closed your position like I said at that moment it would have been less than the 10 tick stop. ozzy
As I said, the market depth provided plenty of hints on the retracement being real. I don't know what news service he is using but I can bet that he would have gotten that too late. Trading on news is not for everyone. That was my only point. Better to react to the markets.
Be wise. The probabilities are against you. Save what you have. Never trade on borrowed cash, so save that money. Study a bit longer and have a more robust risk plan. You are too focused on making money. That is not the objective at the beginning. You must focus on trading and executing well. The money takes care of itself. If you intend to trade, then I would suggest you put that money to better use at a charity of your choice. You will at least get good karma and your creditor will sympathize.
I get slapped by the market when I do not respect my stop or do not put a stop. I fell in love with an idea. I worked out the fundamentals well. I researched and did the numbers and came to the conclusion that I could not lose (and it would be insane to do the opposite). Therefore, when I trade this idea I will not put a stop and just let it ride. So the trade begins and I execute with conviction. Immediately the trade goes in my favor. After an hour the trade keeps going and I know i was right. This gives me greater conviction to just let it ride without stops. I was going for the home run. Then the market begins to turn. I am still ahead and give the market the finger - i'm not going to put a stop - i will not be shaken. Then the market keeps going against me until I can't think straight. Then I finally put my stop - at the worst possible point.
Even if the situation was cleared, I was kind of thinking that it was still a scary situation. Thus, I just didn't see that it could turn around with such an abrupt turn of momentum. I know I wasn't quick enough to catch it. Today was a great experience. Well worth the $1,000 I spend on it. And it couldn'tve been -10 pts, because it you go with a stop like that with that much turbulance, you're going to get stopped out every time.