When your position is going against you — close it out. Waiting a couple extra percent to see what happens can kill you. If you’re already thinking about closing — do it. Face it — your trade didn’t work out.
If it did you wouldn’t be having these thoughts.
So what’s the difference of a couple percentage points? Not much…on this trade. But play that scenario out over a year and slicing a couple percent loss from each trade will give you a great reward after 100 trades.
Don’t believe me? Take a look at this chart:
If you were in this trade, you might have thought your life sucked after that FIRST gap down. Not even close! Cut your loses and move on. If you held you were in for a REAL treat when ARQL gapped down massively a few weeks later.
Seriously, if it’s not acting right — get the out and move on.
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