The primary ax is the market maker who, at a given time, is controlling most of the trading in a stock. By extension, the secondary ax is responsible for the control of the second largest amount of trading in a stock (again, at a given time).
Hi and thanks to everyone for their comments on my original post. It's been a tough few weeks since I started this thread. I did get out that dreadfull day, taking a considerable loss (in more ways than one). I then continued my losing streak further, wittly away at my capital by being over cautious, getting in too late and then placing stops too close.
Thankfully I have since managed to take a step back and re-think my plan and have now broken this losing cycle. In the previous three months I had not had a losing week, although I did have many losing trades. What I guess this all boils down to is greed. I now understand where my limits are and at what size the bet will affect my judgement. In this case it was so far out of my comfort zone that it meant I was not able to conentrate on anything but how much I was losing, paralyzed by my computer screen. All rational thought just went out the window.
Thankfully it has given me the opportunity to go back and spend some time analysing the market and my strategy. I have now refined my entry and exit points and given greater consideration to my money management plan. A significant point being not to have to much money in my account in the first place, just in case I do falter again (which I wouldn't!).
I have now chilled out a great deal as well and that I think has helped enormously. I now don't trade as much, getting a better balance in other areas of life. It's only been a week since I put my improved plan in place, but it seems to be paying so far.
Best regards to all and thanks for making this such a great community.
We all go through stages in our trading lives when things don't work as well as they used to. Not everyone though appears to be able to stop, reasssess the situation, and then go back into the market. You've succeeded where thousands have failed.