I just had an amazing day.
I took a measly $25k account at Take Profit Trader from zero to almost $3k in a single day trading just 3 micros at a time. I mean, each time a reversal happened it respected the trend line – again and again and again.
It was intoxicating to add to my position when the line was respected. I just kept doing it.
Then, there was an unusual segment that made me take pause. This time, it didn’t come back to the trend line, but dipped again. But on the next reversal, it formed an new intermediate high.
Toward the end of the day, I was up $2970. I thought – I’ll stop after just $30 more dollars! What a stupid mistake!
I noted the difference, but when the trend line was tested again, I jumped right in and, for a while it reversed, so I added to my position as I had done before.
However, when it started ranging and tested the trend again, I was a little worried, but added.
Of course, at this point, it finally broke the trend and I chose to ignore it. It was such a good trend, surely it would come back and I added once more.
I’m sure you can guess the result. I gave back every bit of profit.
Five hours of successful trading was ruined because I failed to follow my rules and exit when I should have.
Dummy, dummy, dummy!