First few limits got violated so canceled those. Next one got hit and price hesitated so I counted to ten, (one of my rules is to exit within 10 seconds if price doesn't go where I want it) then went opposite to cancel the long. Unfortunately there was a bit of lag because next thing I knew I was in a short position. No bueno. Which meant my stop got hit but didn't register on the screen before I put in the short to cancel. The short immediately went into a small amount of profit but I closed it out. Even though it was slightly profitable I'm not counting it in the profit/loss for the day since it was unintended.
Though I had a loss for the day I did have several triumphs.
1) I had a small amount of hesitation in canceling the first couple of orders, but it was much easier than last week. This tells me that I'm beginning to get used to sticking to my rules.
2) I closed out my trade at exactly 10 seconds just like my rules stated. In the past I would have let it go longer or moved my stop lower, or something else as equally retarded. Which would have ended in a bigger loss. In a previous post I mused about the need for momentum and if it's not there, I'm just "hoping". And thus the need for my 10 second rule. It made sense to me at the time, and still does, and this has helped to reinforce it.
3) After the loss I didn't feel the overwhelming need to make the money back. I wanted to, for sure, but it wasn't the huge urge that I've experienced in the past.
On to manana.
2 comments:
It's a better idea to pull up the live trade window and hit the "close" button instead of putting in an opposite order to close your trade. That way you can close positions that are near your stop loss without fear of a double order. If your stop loss gets hit just before you hit "close", nothing extra happens.
Perfect. That is much better than going opposite to close. Appreciate the tip!
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