That was important today. Dont sell because of fear of losing huge profits. And don’t ever widen your stops. I was trading 500 lots in sso, wich led to some swings in my +/- column. I traded the s&p levels i had from alphatrends in the direction of the daily VWAP and was trying to catch the moves higher or lower from level to level. Every time i got it wrong,i felt the urge to widen my stop,but didn’t do it,because i knew,that being stopped out is the most normal thing in the world when you trade as aggressive as i did today. The worst thing that you can do in those cases is lower your stops when you are wrong and sell to early when you are right (exactly what i did when i started trading). The fear of being stopped out is stupid,because the stop is your protection in the case your timing was bad. If you lower your stop,in most cases the only thing you will accomplish is make your losses bigger. So don’t ever lower your stops.
As soon as you have identified a pattern that you think you have recognized and you think you want to trade it,just stick to the right way of trading that pattern.If it breaks,don’t tell yourself that it will work out somehow. perhaps it will,but most likely it wont. Get out and give yourself another chance to be right. You can get in and out as often as you like, until finally the bigger move comes and you will be rewarded for not being afraid of being wrong a couple of times. Then you just have to be patient and stick to your game plan (if you have one,if you haven’t,you are in the wrong business).
One more thing: never use market orders! Always use limit orders or stop orders,if you follow this rule,you will never panic and chase a stock.