20130325
Short 2 TF 946.6, 946.9, -1.3, -1.0
Short 2 NQ 2803.25, 2803.25, -1.25, -1.25
Short 2 YM 14478, 14478, -3, -7
Short 2 TF 949.2, 949.2, -0.1, -0.1
Long 2 YM 14474, 14474, -5, -5
Total YM -20
Total NQ -2.5
Total TF -2.5
Smackdown! Just a glance at the charts today will reveal a huge volatility spike in all indices across the board. But it doesn't matter how correct my short signals were for the ensuing reversal. It only matters that I got stp'd out and lost my daily loss limit trying to get established for the trip down. Once reached, that loss limit kicks me out of real trading, and if I want to continue meeting the challenge of such a morning, I have to do it on the simulator. I love the volatility. It makes the breakout plays pop, and the inflection signals for breakdown triggers on the way down of the big collapse were sure hits and immediate payoffs... but the trading plan overrides everything, and ignoring loss limits is how many traders blow an entire week's worth of profits. Read the ebook Self Recognition from the website. The 'Accountant' will blow any amount of money trying to get back his losses. But the Trader is the Rule of Law. Live to trade another day. I'll be off and away from the markets this Thursday through next Tuesday, hopefully back by Wednesday of next week. A Joyful Easter to all.
