what does that mean " cut losses quick". What does "today's action" mean?!! TODAY is EXACTLY what futures traders wait for; days like this, and better. How do you know that taking losses not so quick isn't the better way. Those are subjective terms. What is "quick"? NQ has traded from 21-something to 2340 recently. Thus all longs that you exited heretofore "quick", have been --way too soon- except for maybe yesterday and today; you gave up almost 4000 on a ONE lot!! What does that say about exits?! Think about it. What does that say about your ability (and many others) to trade with a trend. (not criticizing - just making an observation - I have held my NDX calls this entire time)
Well thanks for sharing your thoughts guys, its appreciated. The story behind today's mistakes was very basic and rudimentary. Impatience and carelessness was my downfall. Very rarely do I ever let a trade that has gone 8pts in my favor turn into a loser. But it happen today and shook me up a bit. Bmw, I understand your disagreement regarding the 2 losing days and "something wrong with the trader" comment. You make valid and clear arguments regarding that issue and you can rest assure that there will be no modification of my system whatsoever. But I will say this, profits can be extracted almost every day in the futures market. I say this not because I'm cocky, but because the patterns and tendencies repeat themselves all the time. Today was a complete failure on my part, as fustration begets more fustration and stubborness. Believe me, I was fighting myself the whole friggin day.
My original target was low of 12/01 at 2284. But my trailing stop was too tight and I got stopped out at 2289.75. I might re-enter at pullback. Schaefer
Cool, I see we're looking at the same levels, but not necessarily the same dates. I just got taken out at 2291.25
Nice run, congrats! I rolled over the charts early this mornig to H2, so they're a bit out of whack, compared to Z1 charts. Schaefer