by Gavin M.
Here are two trades I made in the last 24 hours. The one above profitable and the one below not so. I tweeted yesterday that I went long ES at the 2040-41 area and never looked back. I even asked the good lord Blankfein to bless my trade. As it turns out, Lady Luck was on my side and netted more than 20 points off of that.
The only people who kept holding overnight are the ones greedy enough to really think it would go higher. I was happy netting $1000 per futures contract. It is always important that you have an exit plan for every trade entry you have.
Moving on to my loser. The Canadian jobs number came in 'not as bad' as expected despite it still being a bad number. I always love these types of market reactions. It is akin to going to the doctor's office for an STD test and getting told you have Chlamydia instead of Herpes. It is really the 'not as bad' as expected result because the latter would have been life-changing!
As a trader you will have to desensitize yourself to the losses you make. They are part of your trading experience. The great thing is the loss above was about $388 thanks to stop limits. So overall, in the last 24 hours, I'm net positive.
Trading is all about making calculated decisions and managing your risks. These are skills that you need to learn, to practice and to perfect. Failure to master both will lead you to run out of cash before you know it.
As we go into another wonderful Greek weekend, I hope you all are safe and have placed your bets accordingly. Good luck!!
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Traders from Equity Sense will be writing on this blog on positions and other market-related things.