Yesterday I violated a rule #19. So I am back to day 1 of my "overtraders anonymous" program. I didn't sell when Stewie said to sell. The trade was going well, and Stewie sold into the pop/rally (#16). I had $22 of profits (this was a very small size trade). Because I felt like I "needed" to earn more profit, as I had taken a $38 hit as part of a stop loss earlier in the morning, I was trying to push it and make back losses (#13). So instead of selling this stock at $54, I moved up my stop to $53.50. This would at least avoid letting a winner turn into a loser (#7), but OF COURSE my stop got hit and I only made $12.50 instead of $22. Moral of the story-stick with your system. If my rules involve following Stewie, then follow him. I've already done a comparison of my PnL for my own versus Stewie's trades-- and his are much better-- so I need to just stick to them.
2 comments:
Love the blog and blog list ecspecially... I'm actually one of the traders communicating in a Free chatroom thats specifically created for anyone with useful information and plays on watch... We'd love it if you could join us. Hope to you see you here Monday at 9:30 http://stockson.blogspot.com/p/chat_22.html
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