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I have a question: At what point do you (meaning everyone in general)
call it quits for the DAY when you're losing? And how do you
discipline yourself to actually stop and quit, and not try to "make it all
back"?
I'm wondering because I had a great week in the S&P this week, up
until today. Monday was a 3-point gain, Tuesday was a
5-point gain, Wednesday was a 9 point gain, and Thursday was a
9.5 point game. Now... here we are on Friday... and I lost 19.7
points (ouch!). So grand total I made 6.8 points this week on
18 trades... a net win of $1232... but could'a been a lot more if I
hadn't responded so emotionally today to this:
My first trade today missed the limit by 1-lousy tick.... then it
turned around and hit my stop -- minus 4.7 points. Second trade:
the same thing happen -- minus 5.5 points.
So those two events got my emotional-juices flowing. But, you
see, I have a written rule staring me in the face that says
"REMEMBER: a loss of 8-points and you're done for the day, no
matter what!"
So I ignored it. Here I am after the session realizing that may be a
rule I can't live with. After-all, I'm the "come-back king!".
Well, I'm looking for all you "old-timer's" advise on this. What
rules do you follow and how do you mentally and emotionally
disconnect enough to quit while the losses are "small"?
Thank you,
Brian Voiles
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