Last updated on 27. September 2024
What do you do when your hypothesis changes on a trade?
That’s a question I asked myself way too often in the past.
Yesterday was again such a day. I opened up the TQQQ chart for the 100th time. Maybe that’s not the correct number, but it felt like this.
TQQQ was approaching my 72 strike. I checked the resistance, like I did several times. And it was “suddenly” at 73.
I probably made some mistakes when setting up the trade. Not checking for the correct resistance was one of them.
Not having the plan in mind when it goes against me was the second mistake.
Waiting too long before managing it the third.
I closed the trade and locked in the loss.
I’m going to write down some rules before I open the next trade.
And I’m going to adjust my software before I open the next trade.
Be First to Comment