This first trade looks more complicated than it was. The first entry was a dud — momentum dropped off a cliff so it was time to get out. Fortunately there had been just enough momentum at the point of entry to get me over the line so I could exit with enough to cover commissions (and a few bucks extra), so not a total loss. It’s always about escaping with your account intact. I’ll keep banging that drum forever. We can take tiny losses for days or weeks, and we can take tiny profits forever. It’s about protecting capital and being there for when the winners come along.
As it happens, the winner came along on the second go. Then things moved far and fast. I scaled out, taking half off in an obvious place and letting the rest run risk free. Sometimes that yields more than just getting out at the first sign of trouble (as was the case here), and sometimes you end up with a bit less. Again, it’s about being there for the bigger winners. In all, more than fifteen hundred dollars profit from this trade, but it was definitely more ‘hard work’ than I prefer!
The second trade I’m posting (and here’s your regular reminder that I don’t post all my trades here, just a selection that I think are interesting), was much more vanilla. Textbook in and out for a quick profit.
There was (a lot) more to be had for anyone taking a second entry on IQ, but I was out by then. Volume was drying up and we were heading into lunchtime. With a decent profit for the day already banked, I wasn’t prepared to risk another entry. My loss.