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Lesson Learned: Moving Stops on $DAX
Biggest mistake I made recently was moving my stop on a $DAX short last week. Had a clear invalidation level, but conviction got the better of me when it started grinding up. Thought it would retrace from a higher resistance. Ended up taking a much larger loss than planned when it blew through that second level too. Sticking to the original plan, no matter how tempting it is to adjust in real-time, is crucial. Discipline costs less than chasing the market.
2 comments · 5 points
That's a tough lesson, but really useful to share. I've been struggling with that same temptation to move stops when a trade goes against me, hoping for a turnaround. It usually ends up biting me too.