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I wouldn't be looking for any longs here. As far as the Dow and YM are concerned, they're so far below intraday 50 and 200 smas that you'll likely be catching a falling knife trying to pick a bottom. Until the markets get back above some major averages, keep that short position on.

mymini, I'm not sure what you are trying to illustrate with that chart you posted. All I see is a bounce at 11079 off of some unidentified moving averages that sure looks great in hindsight. If you traded this, perhaps you'd be so kind in your post to explain your rationale. Anyone can...

To each his own, Frosty. Didn't mean to have a condescending tone to my last post. It's just that I have traded without stops before and can't imagine myself trading without them now.

I guess you're right. I just cannot fathom putting on a position and then walking away from my computer for several minutes without having stops in place. Just boggles the mind. My mind anyway.

Seriously.

I agree. Use today and tomorrow to watch the world cup.

Alright, Frosty. Nice comeback on a pretty ho-hum day. Confidence and comfort level with yourself and your setups. Major key in my book.

I know how frustrating it can be to keep getting your stops hit and be so far in the red early in the morning--we all do. But you've really got to chill out an not let your emotions rule your trading decisions. Making changes to your trading plan, on the fly no less, based on one or two days...

Staying patient and sticking to your trading plan is the name of the game, Frost. It's 1:30 and even though we've been on a downmove all day, I haven't made a single trade because my setup hasn't been triggered. I'm not going to short because the market has been going down and I think it...

Frosty, Glad to see you're in the black this morning. Here's my question: Why did you close the position? My guess is because you saw it going your way and wanted to take a profit. If you have a setup that tells you when to get in a trade, do you not also have a signal that tells you...

Got to put it behind you. Take a deep breath. Have a cocktail or two and relax. I hit my daily drawdown max by noon and just paper traded the rest of the day. So you're not alone. Does your setup also include some sort of exit strategy? Something that tells you to stay in the trade...

Frosty, Don't want to kick you while you're down but it sounds like you're cutting your winners short and letting your losers ride. That is the complete opposite of what you need to be doing. If you're trading multiple contracts why not try exiting half of your position at a specific...

Frosty, Taking small losses is a trader's job. Perhaps you should take some time to review your setups rather than trade without stops. If you have to have your position go against you by 20 or 30 points to have a winner, it would seem that your problem is the entries and not the stops...

Meanwhile I sat on my hands when I got a long signal at 11040 at 9:31. Would have taken 30 minutes to exit first half at 052 and still long here at 110. Hindsight is 20-20, ain't it? Just need to stay patient and wait for another signal.

30 points, that's a very sizeable stop in my book. I've made 4 trades this morning and been stopped out on all 4. Market can't seem to pick a direction. We've had 4 buy programs already and the DJ is only up 25 points. Will take a break now until around noontime and see if the market...

No problemo. Discipline has been my Achilles heel as well. Sometimes it takes a few burned fingers to realize that the stove it hot, if you know what I mean. As soon as I enter a trade, I immediately place my stop order and then my first limit exit order. The second half is there to ride...

As I write this its at 11049. If you're still in the trade, at least put a stop at 045.

You've got to take your medicine. Just exit the trade now and maybe you can catch another short opportunity before the day's done.

I empathize with you. I've been there and I'm sure everyone else has to. Your setups backtest beautifully and the results are there on the demo acct but when put into use with real money, it just doesn't quite click. You're not alone. Do you use eSignal for your charting? If you do and...

Wow, Frosty, what are you doing. You said you violated your stops but are still in the trade. It ain't a stop if it's not a working order that will be filled when the price is hit. No mental stops, my man. Maybe you're still holding and can dump it now at 11030. We've got to do...