Your first loss is your best loss.I genuinely believe that most trades need to work almost immediately for them to be right. I am willing to put a trade on and take it off immediately even if it doesn't feel right. There's a simple reason why that is so. When I trade, I try to trade for points, or for at least a point. Less than that is too hard. But if I am willing to have a trade go more than a half of a point against me, then it will be almost monumental to get back to even. So I like to stop myself out quickly. (Notice how different this all is from investing, where I expect the stock to go "against" me and welcome it so I can improve my basis.) So, let's say that I bought Starbucks (SBUX - Get Report) Wednesday because I figured the
Commandment No. 2: First Loss Is Best
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