Trader Profitability: Book ‘em Danno!

I am too young to have been a fan of the original Hawaii Five-O and have yet to see the current hit remake but just about everyone knows the famous tag line that McGarret would say to his partner “Book ’em Danno”.  Well I must have finally gotten hit over the head enough times to realise that I need to be booking more than I am in profits.

Let’s recap the last three days of trading including todays: Friday, R4 breakout on the Spooz 12:15 flatline, selloff at 2 pm I was up $5,000 and finished down $2,000 as the market closes way off the highs, Monday, early rally R4 holds as resistance put the highs in at 12 pm market sells off, I was up small early in the day, finished down $8,000, Tuesday (today) the market opens weak, I glibly say to Zach that it has been a while since we have gone S3 to R4 which of course the Spooz do reaching the peak at 1:06 pm before violently selling off closing back near S3 but the difference for me today was that I was up $11,500 at my peak and finished up $9,200.

Yes I gave back a decent amount but there are a few lessons here: 1) I learned from the previous two days, 2) I had my stops in place and 3) I stuck to my plan and booked a very nice winning day. 

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