Didn’t trade today, but learned a valuable lesson.
There were a couple of stocks that I was interested in day trading, but didn’t have time to watch them all day. One stock that I was watching was DRYS, which I day traded earlier this week. Later in afternoon, I placed a Buy Stop+TTO order, with an entry, stop and target all in place. I got impatient watching it, and began second-guessing myself and cancelled the order. After the market closed, I took a look and saw that my order would have been triggered and my target reached for a nice profitable trade....If only I hadn’t cancelled.
The lesson: Place my order and leave it alone. If I’m wrong, let the stops take me out. Actually, this isn’t a new lesson. It’s one that I’ve learned before. One day I hope it sinks in.
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