8th: Not Respecting Stops

Summary

I did not respect my risk and the trade took me out of the game today. This is the reason why stops are so important and why I must just get out when my risk area is hit. 

Lessons 

1. I must respect my risk levels and know when I am wrong.

2. I must take what I can get and not be greedy.

3. I must play the game towards my strengths.

Ticker: EW

The daily.

I didn't get out when I was ahead and I just kept trying to get out at the bid when this thing was jumping up.

Note: I should have realized that it was going up at $103.60s. I got greedy and paid for it.

Note: There was a big spread and no sellers. I thought I would get out when it retraces, but it just went straight up. I had no chance.

Note: Next time I have trouble getting out of a situation, I am going to just take the loss and take the ask. 

I tried again and got killed.

Note: I should stick to my strengths and not short weakness.

Note: I should review when to get out of positions. Especially if they are as clear as this one. 

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