Today I didn't see any recovery in the morning and decided to just exit the position. I was sick to my stomach to take this big loss -33%, it is a double-hit for 2 reasons:
1) It was way over my average win, and beyond my plan to control the losses and keep then to 1.5x the average win, this trade took 2 big hits with overnight gaps, the first time around I survived, the second time around no, I took the hit.
2) I had just started increasing in my position size. This is a double hit, as this is one of my biggest positions since I started tracking on the blog, it will certainly set me back by quite a bit.
All and all, I have to regroup, it is disheartening to be set back that much. I will have to do some hard thinking and figure out what to do from here. For now will take a break over the weekend, and do some hard thinking..
Cheers!
Gustavo
Friday, March 11, 2011
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