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HI Guys,
Just to clarify my post of yesterday. I went long the sp with a stop enrty
at 1005.50 with a fill at 1006.00. My initial stop was 1062.00 with no
target on the upside. The market never went above 1006.00 and declined
rather rapidly and hit and went through my stop on its way down.
I naturally figured I was stopped out and was waiting for the bad news
phone call since I figured I could have been slipped down to 1000.00 even
or perhaps lower. What happened then was a brand new experience for me. My
broker called me and indicated that the filling broker had missed my order
and I was still long from 1006.00. Since we were seeing a slight rally that
reached 1003.00 he called and asked me, after telling me that my stop had
not been filled, if I wished to keep my long.
That's when fear and greed set in. Instead of immediately instructing the
broker to exit, I held on. That was the dumbest thing I have ever done
trading since it was a concious decision. Long story short...I eventually
got out at 994.00 for a 12 pt loss!!! Not only that, because of this stupid
attempt to recoup my loss, I missed a standard Bullseye sell signal. Double
whammy!
So I was flat going into the close except for a long SF position. I
mentioned Globex because I had planned to start the long road back making
up this loss by trading Globex and following my rules.
Sum total: To me, fear and greed are my natural enemies. Rules are my
saving grace.
Jim
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