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Was doing pretty good on the DOW till the rally. Traded all night, few hours of sleep probably wasn't enough. Hadn't checked the bigger picture for a couple days. To top it off, I decided to double up to 10 contracts Wooo!
One more thing, I moved my stop and didn't scale out.
So here is a classic example of what not to do!
Can you help answer these questions from other members on NexusFi?
I think typically you would have been oK! That was an unusual move in my opinion! Not that moving your stop was OK. As Lornz said that was some nice trading till then!
Thanks, I have added a 4hr and daily chart, there on the screen permanently. I usually go threw them in the morning...I need to be more strick at following the routine. The really bad part is when I was trading on monday I noticed massive buy orders being fired in and I didn't catch it then...it should have really woke me up to take a look a the big picture. Its so easy to lose when you quit being objective. I try hard to think about all the possible scenarios...I guess its a good reason to be rested and not near as confident.
I tend to get a bit careless after a string of winners and this is something I need to change.
Moving the stop was not smart, take a look at my trade on Monday. Getting stopped out pissed me off and really it was just a lousy place to put a stop. I'm letting my emotions get in the way.
I managed to short today's high on the YM only to be shook-out with a small profit. Was that the top? I figured if I couldn't understand it I should just be out of the market. Now, I am seeing a couple more days of balance before the move. This week went from good to a breakeven... Need to be more patient...the volatility, news(non-news) moves, emotions are running high.