Time to see how markets have been moving.
The Daily Direction
Note: Indexes continued their recovery yesterday, with all of them closing in the green. No changes in any directions compared to the day before.
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The Daily Nugget
When you’re trading poorly you should TIGHTEN your stop losses – not loosen them.
Many traders make this mistake when they’re trading poorly.
They loosen their stop losses, not wanting to get stopped out again – and incur yet another loss.
But what they should do is tighten their stop losses when they’re trading poorly, and loosen them when they’re on a streak.
Don’t give yourself more downside when you’re not trading well – that’s a recipe for draining your account.
That losing streak will end, and when it does, you want your cumulative losses to be as small as possible.
Then, when you get back on the winning wagon, you’ll have more capital to grow.
And if you’re looking for a strategy to get you back on that wagon, this is the best one to use right now.
The Traders Agency Team