2010 05 06 -- Lessons of the Day

[Tams 20]

2010 05 06 -- Lessons of the Day

 

The day is not over yet...

 

but we can start tally up the lessons of the day.

 

 

 

it is never too early to start learning,

 

for some, it is never too late to start learning...

[shad112 10]

and what is the lesson?

 

future is not predictable? be prepared for everything?

 

best wishes

 

shad

[amswak 10]

The market had been showing some jitter over the last few days. I exited my real money account positions, but entered some "what if" positions in my sim account. I was soooo sure the long sim positions this morning would be good for a very small profit target so I didnt enter a stop of any kind.

 

Lesson - dont ever forget that **it happens. Even if the markets look like they have taken certain bad new in stride, it may still turn tail suddenly. Paying for a few false stop outs occasionally it much better than losing a whole account to an unexpected (yet sort of expected) day like today.

 

Good luck and hope everyone either had their stops tight or were in short positions today!

 

-Hunter