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Strategies & Market Trends : Waiting for the big Kahuna -- Ignore unavailable to you. Want to Upgrade?

To: jitka who wrote (87121)	4/9/2009 12:37:24 PM
From: GROUND ZERO™	1 Recommendation Respond to of 94695

It makes no difference how it opens, even if it opens lower, as long as I have my preplanned exit strategy already planned out... mind you, my exist strategy is set BEFORE I enter the trade itself... I repeat, BEFORE I enter the trade itself... if it opens lower the next morning but still above my exit point, I would just hold and maybe add, provided that I hadn't already added my full allotment by then, I never add more than I initially planned, never overload on any trade... if it opens below my exit stop, I just exit and call it a bad trade... if it rallies back above that point, I could always buy it back and try again... sometimes it takes more than one try to get the trade positioned well... the key here is to plan your exit strategy BEFORE you enter the trade, this way the next day's opening means nothing as long as the trade is still above your exit point... this is a hard fast rule, there are no exceptions, it is the amateur's biggest mistake to enter a trade and not know in advance when he's wrong... trade like a pro... GZ