I went AGAINST my own advice... And traded today...and lost my ass at 2:00 when the fed shocked the world by announcing they would not taper! I was in a put option play on the QQQ and when 2:00 hit, my position got cut in half. I am so angry I cannot put into words how angry I am!
Lessons learned: when the Fed is expected to make a huge announcement, EXIT YOUR POSITIONS THE DAY BEFORE. There is too much potential for a massive loss!
Lesson two: I stayed in the trade as long as I did because I was already down on the trade. YOUR FIRST LOSS IS YOUR BEST LOSS. IF THE TRADE IS NOT WORKING, CUT YOUR LOSSES AND GET OUT. If it's not working NOW, WHEN IT'S SUPPOSED TO, the why will it work later? Don't give a losing trade "time to work"... Cut and run!
I'm off to lick my wounds and hopefully not lose my mind. I am a very faithful man and I can say with full confidence yes I was stupid today and yes I need Jesus right now.
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