Help! Get out or not?

[donaldduke]

I think it was Linda Bradford Raskhe in New Market Wizards who
said "if you ever find yourself asking other people for advice
about your open position then that is a sure sign that you
should get out (of your position)."

 

[MCGF]

Surely averaging out is a way of losing more money if the position continues to go against u?

 

[james88]

£7 per point (split like this) £2 @ 10074, £2 @ 10174, £3 @ 10264. HHHMmmmmm Time to make my mind up I think. My stop is at 10700, But thinks it will hit there.

why not bet a further £7 per point at todays close ?

 

[Hooya]

key is imo to decide a plan It doesnt matter what it is but
set rules for what you will do if it goes up more or if it goes down.

 

[Mr Chill]

Surely averaging out is a way of losing more money if the position continues to go against u?

Very true ,add to a winning position but never add to a losing one . :|

 

[BBB]

Cricket -

Well I hope you've closed out after all this good advice! Take it as a lesson and LEARN!

Tatoo this on your forehead:

WHEN IN DOUBT, GET THE F$$K OUT!

If it makes you feel any better though, I lost a load today as well. I was so confident about what I saw and the risk, I took a trade despite heading into a previous congestion area. This is one of my rules that has kept me away from trouble for a long time. My ego got the better of me and I'm in the gutter now!

Tomorrow is another day....

 

[Dow Dog]

Wait until tomorrow.

There is some key US economic data due to be released. If this disappoints we may see the Dow heading south.

On the other hand the news might be good.....................

 

[Skimbleshanks]

One way to look at the market is via volume. On ES (emini S&P) it's not often that 100,000 contracts are recorded in a 30 min bar.

The last one was the 15th December, and we've just had one today.

The last swing on ES was more than its norm, and you get the more violent swings at the top and bottom of trends.

So those two would make me wait a wee while longer before taking a decision.

The volume is the key.

 

[Hooya]

getting out for a loss is a tough, even the best traders get emotional about positions but they learn from it. on the subject of averaging out. If Cricket has held this long, he might feel it is too harsh to exit all at once. So if the dow dropped 50 points and he closed half and stuck a stop in at the HOD for the rest he would still come out with a slightly smaller loss than he would get now.
Nothing wrong in that, but as I said before one still needs a plan
if it continues straight up.

 

[Hooya]

personally I would like to see a new high now on lower volume than today opening spike for a top? but each to his own

 

[MCGF]

Chill-u agreed with me?

Im honoured!

 

[BBB]

Once you are facing your original stop, you MUST get out. Don't wait, act. Preferably, tighten the stop after entry if possible. I should of followed my own advise earlier and I would have lost less than my initial risk!

NO ONE knows where the next tick will be, yet alone the next 30 min bars range. Hope is a sure way to the poor house.

That ES chart is looking quite weak to me. I would be tightening my mental stop or considering a short scalp at 1124. Yes, volume is important, but it's secondary to price.

 

[Mr Chill]

MCGF

No problemo ,just having a laugh ,

 

[MCGF]

I know, I know!

Hey what the hay, ill give u some green in that vote box of urs!

 

[MCGF]

Well some orange anyway-i tried for ya!

Im concerned at how red my box seems to be going these days-better go and see a doctor!

 

[Mr Chill]

Maybe Doctor Chill can help ,one more sir .

 

[MCGF]

Eh?

Lol!

 

[MCGF]

U re-vote for me?

If so, ur so sweet!

 

[cricket]

Hello all, May i first start my offering my thanks to all the Guys on the board, It has a nice feeling to laying my cards on the table and having you all advise me in which way to go, Although there is alot of different advice to take in, So say take it now, Some say not, There is some data coming out tomorrow which could be interesting to people, so I think waiting for this is the way to go for now, I am convinced there is a Big Short coming and although i can afford to back my bets up just don`t know when it will come. To all the people who replied to me, Thank you again.

 

[suggy]

it seems from boards like this that it is a mistake people often make to hold on to losing positions, especially short on the dow considering its steep rise over the last few weeks. I know I did. I got out and took the loss, and told myself never to do it again. Money well spent?