Thursday, January 12, 2006
1/12/06 stupid mistake
Only opportunity lost here but I wanted to document this.
SS (sold short) @ 9800. IS (initial stop) was 9900. Market tanks and puts in a new low. I didn't take a PP (partial profit). Why? Because I was only short 2 contracts and I felt it was going to go lower! I was being greedy. Lesson reinforced! I was stopped out at a lower stop of 98, so it didn't cost me money... only opportunity. Now I have nothing to show for a good trade gone flat! I think the market will be lower today but we haven't closed the gap today which is about a 80%-90% we will. That is the place to SS.
Trader X
SS (sold short) @ 9800. IS (initial stop) was 9900. Market tanks and puts in a new low. I didn't take a PP (partial profit). Why? Because I was only short 2 contracts and I felt it was going to go lower! I was being greedy. Lesson reinforced! I was stopped out at a lower stop of 98, so it didn't cost me money... only opportunity. Now I have nothing to show for a good trade gone flat! I think the market will be lower today but we haven't closed the gap today which is about a 80%-90% we will. That is the place to SS.
Trader X
