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David,
I agree. As I said, my approach is conservative. My primary goal is to conserve capital and to be around to trade another day, another month, another year, etc. I am not worried about missing a possible "good trade" today. I cannot know in advance whether a good trade is on the horizon and, if there is, whether I will play it correctly. All I know is that, for some unknown reason, I am having a bad day and losing money.
I have to assume that continued trading is more likely to increase my loss for the day, and I cannot afford to take a chance on that. I relax, look over what has happened, and try to find something constructive to do with my time, try to figure out why I have lost my daily (or weekly, monthly) limit already. There will always be another "good trade" for me to contemplate. Before I attempt it, though, I'd like to see if I can analyze my mistakes and learn from them.
Bill |
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