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Got my butt kicked today... big time this week... I can't take many more days like today =/
Today the pyschological element really kicked in and revealed a weakness with my strategy/personality. Yesterday was down significantly. I thought things were going to come back around today, but after the DOW went down came back up, and then went down again I bailed. Only to see everything rebound again.
Well - I think I need a stop loss. And I need to change the way I see rebounds - they are going to happen, and I am going to miss them, that is simply all there is to it - call it the cost of doing business.
Anyhoo - bought back in late in the day. Going to stick with the program from here on out.
The only things that have not washed out in the analysis that I have performed have been the first day winners. So the plan is to keep the stocks at profit point for a day, and sell the remaining the following morning (2nd day of ownership). I will go into more detail as I have time.
I am finding that to be a common theme among novice traders and their blogs: 'I am going to keep all the rules from here on out.' Why do we all have to learn this the hard way? The things that go on in a guys head. I think it would be well worth my while to identify the patterns. Maybe later today.
In other news, I worked on Ninjatrader all this weekend. The software looks promising: much more comprehensive backtesting approaches and reports, an optimization routine, and a lot of customization; but I have not been able to translate my strategies yet.
Time for a winning week...
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