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Strategies & Market Trends : E-Mini Pit -- Ignore unavailable to you. Want to Upgrade?

To: jefe12 who wrote (4231)	7/17/2002 3:59:48 PM
From: Ramus	Read Replies (1) \| Respond to of 11288

Jeff, live and learn and alive to trade another day. I did something stupid (again) today and was lucky a second time that I didn't lose. Has to do with not setting a stop correctly and then walking away. In fact, it's actually a lot worse than merely that but I won't go into it, LOL. Suffice to say I didn't lose my arse and was lucky to get away with it. Very lucky. Tomorrow will be better. Walt

To: jefe12 who wrote (4231)	7/17/2002 4:27:03 PM
From: the-phoenix	Read Replies (1) \| Respond to of 11288

>>Had I woke up 15 minutes earlier this morning I would have shorted at 929. << Why? I don't see anything about that level that says "short me". Sorry you lost today, but I really don't think sleeping in was to blame for it. You really need to know where your stops are before you jump in. And it is always better to place "hard" stop loss orders so that it is harder to fall to the temptation to slip them. And if you are having technical problems and losing connections, all the more critical to place stop loss orders, even before you place your entry order! Based on your post this morning, it appeared you were looking for about 8 points on that long. In that case, I would recommend that the stop loss should be no more than 4 points. That's an acceptable reward to risk ratio. Sorry to sound all high and mighty, but you are scaring me! Trading without stops is a sure way to blow out. Oh, you can get away with it for awhile, because the markets swing, but eventually you'll get caught on the wrong side of a big run. I think you already know all about this! Better luck tomorrow. Take care, Phoenix