Tuesday, March 6, 2012
Bad Trading Day
Why must we as traders have to carry home the baggage of a losing day. No other business that I know of can give a person such mental highs and lows. Today was a tough day trading Soybean Meal, almost every commodity was down excluding beans, the dollar was stronger, crude oil was getting hammered, gold was down, equities posted their biggest single day loss for 2012. Yet Meal continues to ride the irrational exuberance rally wave. This is a rally that cannot be sold, just when it looks like the meal will reverse...Bam... a new high. So what did I do... Sell it, add to it, and watch it run away from me all day. This was a trading rule number one text book rule breaker, get out of losing trades within a predetermined loss parameter. I did not do this and suffered the consequences. Tomorrow I regroup and trade with discipline.
Posted by Brendan McGlone at 3:00 PM
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