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Tuesday, February 26, 2013

Relearned a valuable lesson and got lucky that i didn't have to pay for the education

When i break my rules, i pay dearly.  Today was no exception.  I broke my #1 rule and got in a terrible setup with no stop.  I wasn't sure where to place it so had no business being in the trade.  As it fell -4 i added to a loser (which if wasn't part of strategy, which it wasn't, then breaks another rule) and prayed if i just get within a small loss i'll exit.  I GOT LUCKY!  Got out for small loss only to remember i do not have permission to trade if i don't know the R:R AND have a hard stop.

AMZN - Great reminder lesson

BIDU - Flag long

NFLX - Pennant B/O

CF - Bounce play

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