I do actually agree...but...at least I start fresh tomorrow ahead $$ of where I started today and not $100-$200 down...
Your account may be 'fresh' tomorrow but the lesson of revenge trading being a 'good thing' in your mind will hurt you as you go. The day will come when your down $200 morning will turn into a down $2000 day. It's inevitable when one revenge trades for the purposes of getting back to even. The goal is no longer about taking the right trades but becomes turning red P&L to green. And this is bad. You'll see.
as to the 'not trading all day method'...yes, again, today just wanted to 'make back my losses'....tomorrow... On the radar: Trading the TF at 10:00am EST when Bernake speaks...should be very good index movement then and, depending on what happens with TF trading if I do... Trade Soybeans at 10:30am EST open for 5-10 minutes... ...hopefully done if TF or Soybeans meets my $$ objective
agreed...revenge trading has been perhaps my greatest weakness over the years trading futures. Today at least, I waited for good set-ups to enter trades...I believe I am truly learning...thanks FPlace
When you sell a bottom or buy a top and the breakout doesn't immediately move several ticks in your favor, allowing you to place a very low-risk tight stop, EXIT THE TRADE. Failed breakouts are strong reversal signals, especially if 2 or 3 legs up or down have already transpired. If the breakout fails, get out quickly and consider taking a reverse position. Sometimes breakouts are sloppy and eventually do make new highs or new lows after failing, but why risk a larger loss? If the failed breakout then fails and price moves back to retest that low or high, you can try again without having endured much, if any, damage.
Quit it with the soybeans and go back to your Swiss Francs. Grains can be a very unfriendly market, especially the first few bars of the day. A big bar can go from a big bar, to a little bar with a massive wick, to a big red bar, to a big green bar, etc, etc, etc. And then some days trades can set up perfectly. Point is, you dont know what you are doing and pro grains traders with grind you up....pun intended
this is so good...I should have bailed and then perhaps re-entered...with the SF, I made quick 2 pts...could have re-entred as it actually did do what I wanted it to do when I entered...would have been a great SF trade...thanks ND