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Strategies & Market Trends : Systems, Strategies and Resources for Trading Futures
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To: Patrick Slevin who wrote (1497)7/16/1998 9:20:00 AM
From: SE  Read Replies (1) of 44573
 
In any event, good thing I decided to bail overnight, or I would be opening with more of a loss based on the last few minutes of the overnight session. The more I think about it, the more the strategy must be to cut the losses as soon as you realize the trade you made was a mistake. By not selling at the market I violated the rule somewhat, but I also think that the cut your losses rule must be tempered by another that states that once you are in a trade, whatever the current price and conditions re-evaluate and get out at the best possible price. After the drop in the last bracket yesterday I felt a rebound overnight was inevitable and that is why I placed a limit order for 1184.10 as opposed to dumping it in the mid 1183's. I also felt it might trade overnight to 1186, but I did not want to bet on it given the overnight session is illiquid and I don't really understand it. I need to see the market in action and the overnight market has no indicators other than moving averages etc....I need to see what stocks are doing in general.

Anyway...enough of that. I hope all this discussion is not boring people. Just trying to learn and share my observations as I do.

-Scott
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