Basically there is nothing good to say about this trade. I did not follow any rules, and that is what I did wrong, I know that. 

I shorted the massive rally on the second day intraday and then moved my stop up (was short) because it was not going my way and I "knew" it would "correct" or pullback eventually (like we are seeing now) so I banked on that and did not really have an appropriate stop loss. Anyways, that is the number one thing I did not do right, here is the other - 

I did not wait for my sell short signal, a topping out type of candle, if I had done this I would have never been in the trade and would not be typing this now. 

Here is what I now know - 

1. WAIT for my signals!!!!
2. Do not jump in front of a bulldozer (the 2 day rally)
3. RESPECT the stop losses

Overall, an UGLY trade, one that I am NOT proud of. Live and learn, I will do better next time. 
mian
1/8/2013 16:52:31

I have been loosing many trades lately due to lack of discipline and following gut feeling or jumping the guns instead of following the indicators which would say other wise. I am ashamed of myself

Reply
Ben C Banks
1/8/2013 17:04:53

Yeah, it's tough, I know how you feel. At least you know what you are doing wrong.

Reply



Leave a Reply.