Keep Calm and Don't Move Your Stops.....

A little risk management saves a lot of fan cleaning!

The Purpose of Life is Joy!!

Thursday, August 10, 2017

-1%

Today was interesting to say the least. I didn't do much. I shorted the near the very top and unlike yesterday when I was confident in the short, today I had some fairly serious doubts about the validity of the short. Turns out that was completely wrong headed. Instead, I chose the obvious place to be long (with a bit of confirmation) and got run over for a full 1% stop out and done for the day.

As you can see from the pics I figured out it was short AFTER I got ran over only because I didn't do the work ahead of time to fully appreciate the strength of the resistance. Had I done that, I would have had more confidence in the short and added to it as time went by instead of placing my take profit order so darn close. In the end though, it just goes to show you have to do the work if you plan on making money.

On a side note, I left the house immediately after getting run over. My wife had a minor wrist surgery today to remove a cyst that came back after having the same procedure done a year ago. Doc said it would not come back a third time. So I am entertaining my wife for the next 7 days as she recovers. She's left handed and the surgery was on the left hand so this means I'm also the cook/cleaner/driver/etc as well. Should be fun!!

Cheers.



No comments:

Post a Comment