The trade hit it's target one without me. I had noted that we had a tight and constricted market when I posted the original trade but also stated that I need to STICK WITH MY PREMISE.
It is important to bring this up. Over a sample, trades that work that are managed poorly can make a significant different in equity curve.
It was appropriate to cover the first 1/2 of the position early. The issue is move to break even on the second contract.
I moved my stop to break even because the action did not "look" good to the upside, even though I had anticipated a move up all day. For me, structure and premise always out rank immediate short term price action and tempo.
The most important lesson today for new or struggling traders is that if you have a solid idea about the market, stick with it.
Pointing out situations like this can help limit their occurrence in the future. The blog serves this purpose well. Break evens have been extremely costly to me over the past couple years and I prefer not to use them.
Contrary to popular chat room belief, playing defense is often the best way to delay your success as a trader.
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