I came up after dinner to check the market and make sure my computer was working properly (no data disconnects, etc.). I saw a good opportunity to get long. It was before my 90 min trading period but I didn’t want to miss it because I didn’t have any trades the previous 3 trading days. So I took it. Much to the protest of my children.
I was in the trade 40 minutes and lost confidence. Greed took over. I had +1 and my target was +2. do I risk giving back that pt in exchange for the possibility of having 2? My rules say to trail the stop and NOT cut a winner short. But that’s what I did. XLF was lagging, bonds were not dropping, NYSE TICK had bearish divergences, buying was weak.. these would all be supporting evidence for a short had I been flat. So I got out. And I knew it was wrong. I just couldn’t help it. I wanted that point for my efforts. Greed. Bad. The market went past my target so I would have been filled +2. And I’m not so sure I need to watch all that other stuff anyway, it just confuses me. But I’ll have to pay attention to this going forward to see if that does more harm than good.
This is why I have rules and why I must not let my emotions get in the way. Now that I got something, I think I can be more patient for the rest of the week.