I kick myself for taking small profits when a large one was imminent more than entering a trade that languishes on the wrong side of breakeven when the anticipated move does not occur.
I also took profits too soon elsewhere, but none as badly called as the bean one today.
The only good news I can pat myself on the back for is that I have not taken profits on my short EURCHF today which made a nice move down as the swiss attracts more safe haven money than the riskier euro.
I have to go with Coral's "Preservation of capital is key" as it all winds up as staying alive with a small profit today instead of running that big profit only to see a complete reversal tomorrow. (Done that many a time!)
I note beans are trading higher on the electronic session, whilst wheat continues to languish.
Any ideas why wheat should be showing weaker than beans with what I thought were better fundementals?
Oh, I'll mention that I only trade single lots of futures, and only trade options near expiry in 5-10 lot clips typically.
I do like to trade a wide variety of markets however, including a few european ones that you guys may not bother with like FTSE, Eurobunds, and SMI the latter which I picked up a nice low priced long on when the dow troughed down to -200 today. Euromarkets have a tendency to open flat if the trough move isn't held in NY, so having bought SMI at -70 on tomorrow's session, any overnight recovery in the dow is likely to see me easily ahead when the swiss market opens in the morning Even a flat open represents an easy CHF700 profit which whilst not the "panacea grand" is bread and butter money nonetheless. Of course if the dow takes a turn for the worse and gets lower than yesterday's low after all, then that position will still come to stink.
Always that risk there as we all know.