Very well written from a fellow website…we agree with the view;
‘As traders we live and die by our P&L. It’s how the game works. You trade well, you gain respect and self-confidence, and when you lose you’re just another part of the 95% that doesn’t make money. This isn’t just about trading the S&P 500, this is about protecting your capital, trading smart, having a plan and executing it. No one can pull the trigger for you. It doesn’t work like that. This is not the time to make bets where you’re laying it all on the line. For what? Because you think you’re a good trader? You know something that millions of other people don’t? I know I am not the smartest on the block, but I work hard. I read more, I listen more and I do my best to try and make the pieces of the puzzle fit; it doesn’t always work, but I am not laying it all on the line. I have learned that the hard way, and if I can help you keep from doing that, it’s a winner for both of us. Like the Pit Bull told me many years ago, getting out of a loser right is just as good as a winner.
As we go into late June and July, remember the summer winds. Thin markets drift higher. Beware of the headline risk. Trade less, pick your stops better and, most importantly, get in and get out, don’t fall in love with your position.’