This is a trade I got into on a recommondation- go short- got in and got stopped out. I had no conviction with it because I was taking someone elses word for it. I did not get back in because I thought they were wrong. And then it dropped, just as they said it would.What did I learn from this? If you are going to take someones advise on a trade then you need to follow it through to the conclusion and not stop in the middle if it goes against you.
1 comment:
I think you were right to stay out of a trade in which you lacked conviction. If you don't inherently trust your source, or can't find info to back up your source; just think of how wrong you could have been. In such a case, you would have felt lucky to get stopped out.
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