A lot of what destroys traders is the confusion between what is the exception and what is the rule. The other day we exited our short position at cost after there was no follow through. But as soon as we exited, that follow through came!!! Nevertheless, we did this to protect ourselves from the rule of what happens more often than not. The fact that the market made us look silly on this occasion is of no consequence. It was just the exception. Don't mix this up, or you will get slaughtered.
Joel's comments about getting out at cost on the S&P 500, & playing it safe, are massive, especially for newbie traders !