There is no point in having a directional bias on where the market will go, especially when a stock is going against you. If the position is going against you, it means your wrong. Get out, there is literally no time for analysis, such as 'the stock is too high!!!' or the 'market is overvalued'. Who cares! Get out, and trade something else. There's a good chance you will lose money. Today, a stock I traded was going up all day, and I got biased that it was going to pullback so I kept on going short. It was 3:59 before I got to exit out.. on a big loss.
Do not average down if a position is going bad against you.
Today's profits:
Growth: 200$
Net : (160$)
I definetely have to re-evaluate my trading plan. My losses have been quite big this week compared to other weeks. Perhaps it is attributed to earnings + me trading very large share blocks at a time.
