| | | Ya'll know I been a sayin' it. Sayin' it for years here and on other SI boards:
ALWAYS trade with protective sell stops. Job One is to protect capital. Then, come back to fight another day.
"Mental stops" because if you enter order(s) with a MM, he WILL run those during a downtrend, especially one as strong as we've seen in NG stocks for all but that bounce I called in Oct for later in the 4th qtr. Learned to use stops, the hard way, many decades ago folks. To do that? You have to admit you're wrong. Yes, that's hard. But refusal to do it is #1 reason most amateur traders make far less over a lifetime than even an average pro.
Like my old mentor repeatedly told me, "You have leave your ego in the cloakroom before you step onto the trading floor." Admit your wrong and cut a loss before it eats your capital! Stocks can always go lower, AWA higher, than you think because there's always either company specific or sector specific factors that never surface in the news until AFTER the move is over!
Getting tough on long traders, who refuse to use stops:
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Was hi 4s in early Jan when stops should already have been in place.
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Secondary hi in 4.80s on Jan 10th
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Secondary hi on 12/31 @ 10.90
And yes, even ECA. At climactic phase of any long term primary down trend there's no place to hide
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Secondary hi @ 4.90, Jan 6th.
Also per many posts: Am following another piece of my own advice. Stay in cash waiting for confirmed bottom. No sign of that yet.
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