I ignored the power of the market. I had taken steps outside of my strategy and I paid for it. I shouldn't turn trades into investments, and I was forced to take partial losses today to preserve capital. That was painful and I had to do it because capital preservation is job # 1.
There it goes...my 23 winning streak came to a crushing conclusion...I had lost my focus on my trades-only strategy and I lost all the winnings I had with the 23 trades by turning ONE losing trade into an investment...damn that hurts..but I'm glad I'm still able to trade for another day...
I must be patient....I must be patient...it's all in a trader's head..whether to enter or exit a trade...Also, this failure has taught me one very important lesson: NEVER TURN A SMALL LOSS INTO A BIG LOSER. I knew the rule alright...but sometimes you've just gotta experience it the hard way. I know the stock will ultimately come back to where I bought it...but in order to focus on my game plan, keeping the losing trades would just interfere with my concentration.
It's time to regroup and come back fighting tomorrow.
