I had a fun and profitable morning of trading in equities and futures…and I should have quit with money in my pocket. But no! Encouraged by my success earlier in the day, I continued to trade futures. Expecting a nice rally into the close, I played it that way. The last half hour of the day wiped out my profits for the day and cut into my account….dammit!
Okay, the lesson learned? Trade what the market is doing, not what you think it will do. I know this, but it has happened before. How did I get sucked into this…again? Not paying attention, not taking the stop, convinced that I am right and the market is wrong. I let my rules slide right by me…idiot! Oh well, I made a mistake, I admit it and tomorrow is another day to start all over again.
Speaking of which…futures are in the midst of a crashette this evening…already down over 1%….and looking for a bottom. The US dollar looks like the culprit, up strong, or maybe the euro, getting weaker…it’s all about currencies. But there may be other distractions…like a lot of countries needing to issue bonds this week, oil dwindling down and gold spiking up. Like I just learned today, trade what the market presents to me. 
I better go over my rules again. Here’s an interesting dichotomy:
Goldman Sachs Says Sell-Off Consistent With Past Corrections, Sees S&P 500 at 1,300.
Why Stocks Are Going Lower Long Term.
Sometimes, entranced by the screens, watching equities, options and futures change colors, charts moving in a wave, and indicators pointing in every direction, I just have to scream....
I think this write up was actually a strong kick off to a potential series of posts about this topic. A lot of users act like they know what they’re preaching about when it comes to this area and most of the time, nearly no one actually get it. You seem to really dominate it though, so I think you need to run with it. Thank you!