Update: “Sometimes You Have to Fade Yourself”
A handful of individual stock trades.
I wanted to give a “live” look at this morning’s Mr. Top Step chat now that the jobs report is out of the way.
I sold just ahead of that report, got it wrong and moved on quickly. What do I mean by “moved on?” It doesn’t just mean to change gears and go from short to long (or long to short).
It means getting out of your position and allowing yourself to assess the market without as much bias and re-evaluate the trade. In this case though, it did mean going from short to long.
Have a look:
“I don’t like the markets but it seems like it wants to go up.” That’s reassessing based on price action, not on biases.
In trading, you will be wrong. It’s how you bounce back from being wrong that matters. In reality, I shouldn’t have been short the ES that close to the bottom of the range, but once I was out of it, I was able to trade with a clearer head.
Here’s a one-minute chart of the NQ, which rallied more than 125 handles after 8:38 (as time-stamped above):
