Hey Guys,
The market plummeted again overnight. As of right now the S&P 500 is near the 3900 price level, which is now officially removed from the 4000 price level it was hugging earlier this week. But the market is really wiggly right now so there's no telling where it will go next.
I picked up a couple new positions in my low-priced account. I bought stock for LPX and R. There haven't been any new trades yet in my main account or options account, although CHRW and WDC from the watch list are both within range and might trigger today.
The only position that closed today for me was one that actually should have closed a few days ago: UAL from the low-priced account. When I first bought the position, I somehow failed to set up the OCO exit orders. It's normally like clockwork for me to set those up since I've done thousands of these trades, but somehow I missed this one. We're human, so we sometimes make mistakes. And that's part of trading.
Back on Monday it would have hit its stoploss, but I didn't realize my mistake until today. This has happened to me a couple times before. The way I handle these situations is if the position is supposed to have been closed already according to the back-tested trading strategy, then I simply close it immediately once I realize my mistake. So I did that this morning. In this case the price was lower than my intended stoploss, but it can go both ways. To me, responding to a mistake is like responding to a drawdown. To my mind they're an unavoidable part of the trading journey, so I practice acceptance when they happen.
If you have any questions or feedback, I'd love to hear from you.