Wednesday, March 10, 2010

2 Lessons From 2 Mistakes & a Kill

1: Rule broken, 'no initial breakouts or breakdowns.' From this error, learned, or burned in idea of, at least on NQ, every breakout and breakdown turns into a shake out. So never jump in on one. I took one and got shaken out and price continued. It happens, but I should have known better since it almost always happens.

Trade 2: Killed for right reasons, but slipped about 5 ticks on exit.

3: Good entry, but, especially after 2 losses, I was less than optimistic so I advanced my stop assuming I was going to lose again. Of course my advanced stop hit and I only got 2 ticks, then price moved for 12 points.

I won't be here much longer if I don't capture the moves that follow thru. I have good entries and I need to let the gainers run even if I made no more mistakes. Even if I was never stopped out again and killed for break even every time, without the runners, there is no trader trading and gaining. I have 2 days left if I don't capture any decent gains in these next two days.

2 lessons.

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