Held out for a loss – Daytrading the S&P
I figured that there is no point in grabbing small profits and also no point in getting out of a trade unless conditions change… I read that somewhere from a top trader in a book.
Anyway, I think my short was not a bad entry at 139325. The 1 min stochastics had eased off and the 5 min stochastics was indicating a sell. The 15 minute stochastics looked like it was turning. The market did start to move south and hit a low of about 139175 before moving upwards and gradually taking out my stop at 139600 for -11.
I should have been aware that in the 5 mins, the stochastics had turned for the worse.
My trading has been rather depressing of late with the fact that the trading academy thing doesn’t seem to be a possible thing for me to succeed in.
It’s always disappointing when you fail something but such is life. If you give up at the first failure then you’ll never achieve anything in your life. It’s a common notion that most things will fail and those 10% of things which make it way make up the losses.
Trading is a probability game… you will never had a 100% win ratio… the key is to manage those losses so that they are small and to allow the biggies to grow and grow. I am trying to allow the markets room for any biggish movements and not get out at the first sign of profit. So far, profits and success elude me but I’ll keep at it.
I am sure I will make this work for me sometime, the question is when!
