BIGGEST LOSSES ON MY ACCOUNT.

Everyone has always said be careful o/n financials. Muddy goes even further to say he cannot do o/n longs. Well, GDP figures came out and sent shares of everything sliding down. My losses sum to ($1140) and I'm down 6.8% since starting to trade. This is my 3rd time ever going into losses on my account. I've recovered beautifully each time. I'm not worried  in that sense, I'm not even worried about making a bad trade for my entry. GDP fell 6.2 percent. How was I supposed to know revisions were coming out if it wasn't making headlines yesterday. In fact, I think getting out with 1k losses is good comparing to how large the implications of the GDP drop are. If you're unaware of how big of a deal this is, just read some articles.

There is one thing I did very wrong about this trade, and that is my exit. I've been great about not making exits during panics. Out of open, RF started to hit new LODS so I got out and "cut my losses." See, I never understood why people say that, b/c right after selloffs are bounces. If you just wait to "cut your losses" you will REALLY cut your losses. I recommend you take "cut your losses" out of your vocabulary if you trade. Its cliche beyond belief. It terms of numbers- I exited RF at 3.13. Right now it has bounced up to 3.66, thats $530 that could have been subtracted from my loss of $1140. 

So now, lets talk about recovery. Its strange, aynul, made a good post yesterday about some things he picked up about handling losses at the traders expo. I'm not sure what this weekend will procure from me. Perhaps some deep philisophical ramblings on my behavior are in order. What the hell, I do that everyday. Honestly, I'm just going to keep trading. I think i've got the edge already. Honestly, what just happened easily relates to poker. It's really like being Daniel Negrenau in this hand. 

Sometimes, probability pins you on the losing end up against a wall with hundreds of orcs glancing at you with their beady eyes through unwashed and tangled strands of hair, slowly approaching, mumbling incantations in foreign tongues while licking their lips as they stare greedily at their fresh supper. Ok ok, thats not how I feel, but its fun to talk about.

Really, its not the entry thats getting to me, its the exit. Right now RF has reached 3.78 meaning this is no longer a bounce, but a reversal. RF is a GOOD COMPANY. I'm serious.