Tuesday, March 30, 2004
There you have it. With the May cocoa closing at 1498 (settlement might be different) and my original stop having been at 1495, the trading rule I've had the most difficult time accepting came into play. When you make the committment and take a position, it's really tough to accept being wrong. But this is a game of being wrong more than right. Embracing that is a tough lesson to learn. I've been doing my level best to accept the premise that when the market is stalled it's the same as going against me. My timing is off so take the position off. It's hard to swallow because ego gets in the way. I mean, hell, all that research and study of the chart...that 'feeling' for the ebb and flow from support to resistance...out the window on either no follow-through or movement against. So when it stalls and doesn't move the way we saw it should, why not get out to try again later. Treating a stall as poor timing for entry is proving to be profitable for me and teaching me to admit being wrong early, therefore saving both capital and energy for another move. It's rewarding emotionally as well.