Our goal here is identifying which stocks are reversing off this bounce at key levels.
Identify which are not recovering from this pullback and kick them off your watchlist.
Price wins every time.
If you’re upset about how much you gave back on Friday then you need to lengthen your time frame on your trading career.
Drawdown is the fee you pay at the end of a huge rally it’s normal.
All we can do is try to tighten up the drawdown more and more each time.
On the other hand to make you feel better -5% on the $QQQ in a day is no joke.
Position sizing/risk management, Trim and trail is all you can do. Everything else isn’t in your hands. Control what you can and let the market do its job. It doesn’t care about your P/L.
My best trades came from times I didn’t care about the outcome. The moment you start feeling hopeful in a trade that means you subconsciously know you’re doing something wrong. Whether it’s over sizing, over risking, over trading etc. That should be your sign to close the trade and step away from the screens.
I don’t see the point in putting on risk in an environment that’s unfavorable for my setup and edge.
Why would I want to play their game? There is no blinds or antes to pay so why not sit out until it’s time to push your chips in.
Market will be there tomorrow. No need to give back everything you’ve made in the past 2 months.