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So did you have a stop in? If so, was it in the correct place? If not,why not? If it was, were you comfortable with the risk in the first place? I'm having trouble visualizing a big time loser that wasn't planned in the sense you had committed to the stop prior to taking the trade.
If it was planned, executed and eventually stopped out, then it was just a failed trade. If it was a legit failed trade with a huge loss, then perhaps it was poorly planned in the first place in terms of acceptable risk.
The way you said this makes me wonder if there was a stop in place??????
Simplicity is the ultimate sophistication, Leonardo da Vinci
Most people chose unhappiness over uncertainty, Tim Ferris
No stop -- a very dangerous momentum based counter trend trade (short) with a number of preset (higher) entry levels and (lower) targets, most of which (entry levels) I "assumed" would not be hit . It was the worst rookie mistake of all--hubris--thinking I knew everything there was to know about momentum and the market at that moment. I'm just lucky the market was so gentle in its reminder that I never will.
Edited to add: the good news is after the post mortem I now have more signs that precurse consolidation (as opposed to reversal) burned into my brain and plan to transcribe the autopsy results to my futures.io (formerly BMT) journal
No stop + running errands away from the screen. It would be easier to just send me your account balance. At least it would go to a good cause and you would get the nice feelings of having helped a fellow trader instead of the oh shit moment you experienced.
Simplicity is the ultimate sophistication, Leonardo da Vinci
Most people chose unhappiness over uncertainty, Tim Ferris
I was done for the day after the shorts, went to get something to eat and saw the long set up. Figured out where the target might be, entered and let it ride. Of course it ran more but based on the morning's slow price action, that target was reasonable.
Now really done for the day.
Simplicity is the ultimate sophistication, Leonardo da Vinci
Most people chose unhappiness over uncertainty, Tim Ferris
Hey Brian. Nice trade. Same thing happened to me on my runner exit. Don't know why price took off like that. Oh well..................waiting for another one.
Rick
"If you're going to panic during a trade............. panic early."
I passed on this one but it also was a great set up. I passed because I am done for the day. I just saw it setting up and decided to mark it. I didn't think it would pay so soon though.
Simplicity is the ultimate sophistication, Leonardo da Vinci
Most people chose unhappiness over uncertainty, Tim Ferris