How I just grabbed a small fraction of the 300+ points on the Stock Market crash today
So it was an Obama victory and the Dow Jones fell over 300 points!! It was spectacular fall and a mass of profits to be made for those short.
I actually had the perfect entry on this trade. I was short from 13230, near the close of yesterday candle. The market was in a downtrend on the Daily chart and you can see that the price had reject the 13300 level 3 times already and formed a resistance level.
The thing about trading technical signals is that I don’t really care about what’s happening in the news – someone today thought I was a novice trader because I was doing so but everybody trades different, some take the news into consideration but over the years, I’ve found that I largely ignore it and trade what I see.
The market fell strongly and it’s currently at 12936 as I write this.. that’s a massive 294 points from where I had entered the market. However, suffice to say… getting out at the right time is still an area I need to work on in my trading to maximise profit… I took profit at 100 points not because of any technical reason but it simply being a round number.
That is one of the frustrations with trading.. taking profits too early… what happened to me, missing out on an extra 200 points is frustrating but also, the other thing which can happen when trading is when you see a midday reversal.. you hold out expecting higher profits to find that the market reverses and takes out your stop when at one point the trades was a few hundred up. It’s even more painful in this situation if you haven’t moved your stop to breakeven and you end up in a loss.
It has taken me years to appreciate my trades…. once I get out, I don’t dwell (well, try not to) too long about what if and that. I have to just move onto the next trade.
Anyway, hope you also had a good trading day!
How I just grabbed a small fraction of the 300+ points on the Stock Market crash today: So it… http://t.co/4nB9bfxg