Just a day after preaching to myself about patience before entries, on Friday I screwed up a trade by moving my stop too early - something I’d been working on for some time.  It’s a difficult rule to follow, but time and time again I look back at my journal and see that waiting at least one hour before moving my stop to breakeven is absolutely the right thing for me to do.  Friday’s trade in SMSI was more dramatic support of this.  SMSI made a nice hammer on the OR high on the 30 minute chart.  Within a few minutes it went 2R in my direction.  Because of my earlier losses this week, I went ahead and moved my stop to breakeven after about 45 minutes - it had reached 2R and seemed like it was on its way to 3R.

You can guess what happened next.  I was stopped out at breakeven about 5 minutes later and then price reached new highs later in the day.  ;-(  While this was frustrating, it’s quite clear what I need to do going forward.  And, of course, there are worse things to get frustrated about than a breakeven trade.

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