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Wednesday, August 24, 2011

3rd Straight loss day of over -200% daily loss allowance. Back to Basics

I'm imposing a new rule.  After 2-3 straight days of ending red, i am stepping down to 25% position sizing maximum.  Here are todays ass-smacking losses.  I traded with 50% accuracy today which tells me i still need to work on managing losers quicker and allow winners to run.

TNA - Great long entry on break of intraday highs but allowed bruised ego to take gains WAY TO QUICK.  Only took +.25 when there was +2 potential.  Read the topping pattern great, AMAZING ENTRY on the short side (trade #2) and yet again exit too early taking +.8 when there was +3 potential.

BIDU - 2 long attempts, both failed.

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