What a brutal session today…
In my pre-market prep, I was looking forward to getting short and filling in the gap from yesterday.
But this old rascal had a plan of its own…
The S&P opened up and immediately dropped like a rock leaving me watching what could have been. 😱
But… we had some major rotations going on.
So there was a lot of opportunity available.
My second major trade idea was to get short targeting the 30s because we kept slamming into the low 40s.
It was a high reward to risk trade idea that unfortunately didn’t work out.
I got stopped out on my short and ended the day -$300.
Here’s the link to my thoughts on today’s Daily Profile Show.
But here’s the thing – losing is part of the game.
Anyone who says they have a 100% strike rate is lying.
We don’t know what will happen next in the markets, all we can do is apply our proven edge without micromanaging our trades.
In fact, accepting losses is an edge because most traders lose twice as much on their losing trades as they win on their winning trades!
It was very likely for my trade to work out and give me a +$1K day.
Small, controlled losses and big wins tip our PnL in our favor over time as probabilities play out.
If you want to watch a breakdown of my Method, you can view this slick Masterclass here.
Happy Trading and Looking Forward to Helping You Build Your Edge!