TRADING BLOG EP. 46 - KNOW WHERE TO EXIT!
Today I took another buy position on the S&P 500. It was a very nice trade, but it could have gone south if I was greedy. I missed the initial move, but I ended up getting in on the trend before it left me behind. After sitting through a lot of chop, the market reached my first & final target. I then closed the position fully, as I saw massive resistance coming into the market.
If I had tried to hold onto the position to try and make extra money, I would’ve got taken out at breakeven. A lot of traders focus on “sniper entries,” and where they should get INTO trades. However, knowing where to get out, is just as – if not MORE important!
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