I was stopped out of the oil trade last night — because my stop was too close. I placed too much emphasis on the downside breakout after yesterday’s inventory number. The market bounced back up to the previous resistance level, which held, but I had already narrowed the stop beyond it. At least I took some profit on the trade.
I was also stopped out quickly from a short soybeans position by rushing the entry — the market is now moving downwards as I expected.
I thought last night that I was paying too much attention to intra-day moves, getting my stops too tight, overtrading, and getting overexcited by the buzz of minute-by-minute moves. I took the opportunity to close all my positions, for the first time since I started trading. Today and I am going to have some time away from the markets.