Today there was something I REALLY REGRET
In this morning, even thought I was down abit, I was really confident.
then Finally I had my setup and shorted KLAC @ 36.24 100 shares. The price went in my favor and KLAC was struggling @ around 35.90. I added another 100 shares to my short position because DJI and COMPX at the moment looked really weak. At this point, my enteries were almost perfect and as the price was going down, I got more and more over-confident. My profit taking target was @ around 35.40 because I thought there was a support line around that price level. Then the price suddenly change its direction before reaching 35.40 and kept going up but still I was thinking blindly I must *yes must* wait until the price reachs my profit target.....
the price dropped once again. It was around 35.55!! One of my ear heard voice "cover it!! Cover it now", the other heard "hey the target is 35.40, you must wait you must ....... must ........ .remember the words, let the profit run!!" I listened to the 2nd voice. the resuft was my profit $100+ was gone and I even took some loss!!! after that my trading was really horrible and I couldnt forget what I had done!!
lucky, I didnt lose anymore and, gradually and slowly, I made P/L even....before commission.
Today I learned what I should do when the price goes in my favor (also I learned that setting and executing stop loss is much easier than profit taking)....I must set some kind of profit taking STOP. I must make rules to protect my proft and not to prevent my profit run. But I have no idea what kind of rules I have to set....
The last trade I made gave me some kind of idea and I think I did it successfully....but i did it by almost instinct......
If anyone who is reading my journal and have some suggestion and if you dont mind sharing it, I really appliciate....
THank you for viewing...
ojo
