Joe:
Sorry you are having this kind of experience. Based on my experience I believe this was one of the most difficult sessions I can remember for a breakout trader like myself. I pulled the trigger on several setups that I should have left alone, because they did not look right. In addition, when the setups were correct, there was no follow through. What I have learned to do is to comply with a rule that says if I lose more than X dollars within the first hour, then I head for the showers. In addition, I never take more than 4 consecutive losers (I chose this number after analyzing my trading record over the last year). On the fifth trade if I have to close with a scratch, or a loss, then once again I am done for the session. In the last 6 months, I have had to stop trading early 6 times, and I have had to stop because I hit my daily loss limit twice. Because I always show a profit at years end, I believe it is important to incorporate this kind of money management into my overall program. I hope some of this info is of help to readers. Best Regards, Steve46
Sorry you are having this kind of experience. Based on my experience I believe this was one of the most difficult sessions I can remember for a breakout trader like myself. I pulled the trigger on several setups that I should have left alone, because they did not look right. In addition, when the setups were correct, there was no follow through. What I have learned to do is to comply with a rule that says if I lose more than X dollars within the first hour, then I head for the showers. In addition, I never take more than 4 consecutive losers (I chose this number after analyzing my trading record over the last year). On the fifth trade if I have to close with a scratch, or a loss, then once again I am done for the session. In the last 6 months, I have had to stop trading early 6 times, and I have had to stop because I hit my daily loss limit twice. Because I always show a profit at years end, I believe it is important to incorporate this kind of money management into my overall program. I hope some of this info is of help to readers. Best Regards, Steve46