For my trading buddies (if any of you read this) - comments required!!!
Traded short on the Dow yesterday, once trade was in profit stoploss set to give me 10% of bank with limit buy at 15%. Idea being that 10% month is my target, 15% gives me a little security blanket for those days/trades when it all goes t*ts. I got my 15% . . . . . . . .all is well in the world. . . . . . . . . but this morning it was another 30 pts down and I had a September trade as I like to get my 10% in one trade!
Question: Was setting the limit of 15% a good disciplined move, or was I daft and should have had the patience to sit it out, with the possiblility of stopping out at my 10% profit if it went wrong?
I feel I was right in setting the limit buy at 15%, but I'd like someone to make me feel better about it??? Any takers????? :)