There were no good sectors yesterday/today.. The setups for pre market were not the best. I thought, maybe I should not trade. I tried to be picky, but I traded anyway. Big loss day, -10$.
I need to adjust my rules to prevent these bigger losses. A few thoughts:
- Don't play a ticker after taking a losing position (it's not behaving the way you think it will, so stop)
- Don't trade at all when the sectors all look that bad... (market is just moving down)
- Simply manage the risk better (smaller position sizes and controlled amounts of risk) (What is my current acceptable risk? It used to be 4$ but lately it's really about 1$)
- Be pickier with my PreMarketRVOL entries.