SKYW Trade on Jul 31, 2015 10:29 from swinging_long: Tradervue User Stock Trades.

I hit my max loss for the day and was "hoping" that this trade would work out. Let it go against me by $80 at one point which is well beyond my max risk per trade. I need to remember that my maximum risk per trade should be $25-30. Anything more than that is gambling.

In order to make this work, I have to make more on my winning trades than I do on my losing trades. An edge is not a guarantee that a trade will work, only an odds enhancer.

Also, when playing flags, don't play the immediate rebound from the pullback for multiple reasons:

1) That first push towards the highs barely creates the trendline, there isn't a flag yet
2) The second dip will either confirm that a support is in or tell me to stay out

The only reason I'd jump the gun is due to FOMO.