what is way more devastating than the recoverable drawdown, is the realization that if only the system had been followed, today would have been a GREAT day. see attached chart with lower channel line in pink. ego kills, surf
Hi Surf, I know that as you go over what happened that you will get back to being the excellent trader that you are. You just lost focus and that just shows you are human and even Pro's like yourself can fall into not falling your system and rules. It is scary to see that happened to someone with your experience could lose focus land fail to follow their system and rules. Being the Pro that you are I am sure you will go over what happened and learn a great lesson and go on to being an even better trader. It is also a great lesson for is relative newbies and other traders that at all times we must follow our system and rules and not let our ego's take over and get in that it will reverse or come back mode just get out or the trade and look for another setup. bobdec
Just like Boxing or Golf. The market is a game of misses, it is how well you miss that makes you the great or not so great trader.
Dave, Hang in their buddy....you can bounce back from this. I have to admit I was glad I "didn't follow your play, not because I don't believe in your system I simply was too busy this week to check your postings...gather yourself, use this as a learning tool and just move on. Surf - you'll be fine! Good trading! rttrader1 -
Surf, don't get too down on yourself. It happens to everyone alive. Just keep your Surf Report going, lots of us follow it keenly.
Sorry.The only mod I like to use on your Channel is a reference line in the middle to maybe scale in when mid-point is crossed.
I don't know if it was one for the records, but the breadth of the last hour dump yesterday was AWESOME. I only base this on my own account, but my automated systems have made thousands of trades on nearly a couple thousand different stocks over the last year and a half (I trade any stock with > 200K shrs vol, from 2-40 on the Naz, NYSE and AMEX). I probably have 60 or so stocks right now and damn near ALL of them dropped like a rock yesterday! I didn't get hurt too bad, but it was a wake up to lower margin some. Hang in there surf - You'll get it going again!