"There seems to be an unofficial rule #4 which goes something like...If it goes beyond 3 points go nuts, forget about exits and behave like you're at the races, cheering your horse on. "
Uhhh...that's cool, but if you do that, is the corollary to scream and panic if it tanks? Perhaps its just that I don't take a whole lot of emotion into this, but I also believe the more disciplined and rigorous one's method, the less you will allow emotion to influence your trading. Intuition, yes, and certainly caution. But remember that someone is out there to pull the exit trigger, and its better to beat the crowd in most cases than trail it.
Jay - your plays yesterday were great. Don't get too heavy into asking for advice on what one could have, should have, would have done. The more you do it, the more proficient you will become. The only thing I would offer is to consider using a % retracement rather than the 1 point drop. For stocks over $50 that means only 2%, and some of the sectors you follow swing much more wildly than that.
lastshadow |
