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Its good that you read the situation at hand and not just tried to keep shorting CL with hope it would follow its normal routine
" I will follow my rules, I will take my stops, I will be disciplined and i will work with the market....NOT AGAINST IT! Professional mind control is the key"
How do you know when going against the rules/outside of the plan is 'OK', vs emotional/trading poorly, especially after a 'max down day' where the risk management rules say you must stop? If you feel strongly about it, where/how do you draw the line, say if you got stopped again?
My recent drawdown was near trauma to me psychologically. Only one bad trade, but I thought I was above the market that day for some silly reason. I wrote enough about it, done talking about it for now.
But I am seeing it removed some of my fear. And while the situation could have been different, I needed it.
You don't "know". And it is not the best thing I could have done. And max down rules are good and should be honored. So I broke my rules, and could have suffered from it. But do trading rules guarantee succcess?
Trading is about risk and probabilities. What was right before me was hard to find, but there it was. Is it better to wait for tomorrow's "setup", or go again today on something so screamingly blatant?
There are no solid answers. Only probabilities. Max down is a mathematical advantage, intended to eliminate revenge trading, and intended to give you a chance to be more aligned with the market. What happened today was just different. I hope I do it again sometime.
Also, keep in mind I only had a few lines on my charts today. I initially shorted this after the failure. When it came back with such intensity, it was saying something.
One more thing. It met all my criteria. The green line shows the point of the breakout. Momentum was up. Trend was up. Bars were white. Price was above the black T3. And it was breaking significant resistance as shown on the 120m. All of this as the 6E and ES were colapsing? Rare.
It is my pleasure to announce that Carley Garner will be joining us on Wednesday, October 10th @ 4:30 PM Eastern US to do a webinar presentation on Trading Options.
I've asked Carley to start us off with a very basic outline of options …