This is a love story. A love story between me, Rob Booker, and a financial instrument.
But it’s not a happy story. It’s a tragedy. And it’s one I saw coming and didn’t get out of the way.
Because it happened when I violated my number-one personal trading rule by sticking with a trade when I shouldn’t have.
Truth is, there is no room for emotion in trading. There’s no room for love. There’s no room, even, for hope.
If you want to hold on to a losing position just start out with a very small position. Then you can trade your way out of it if it goes wrong.
But real trading calls for numbers. It calls for planning. It calls for strategy. Even short-term trades need to be built around a reliable, tested model that you know will work time after time after time.
No hoping and praying that it does what you need it to. But a strategy that pinpoints the four times every month when a big, short-term opportunity opens up and, for less than 24 hours, traders can get in and out quickly and profitably.
Also, do you use pivots everyday? If so, are you using them correctly?
And if you don’t utilize this tool, here’s why you need to be using it to make the most money you can.