Doubt & Uncertainty, Painfully waiting for three more days

After Friday's 170 point drop in the Dow, all of the Fed's intervention was unable to keep the market from dropping 2% last week.

Losses are twice as worse than gains. The primary reason is if you were right, you wouldn't have made the bad trade. But its that shock to one's confidence that is the more damaging blow. Money can easily be regained whether through a positive trade or through earned income. However, confidence is only restored when one believes in their own abilities. Doubt and uncertainty are the death of the successful trader.

We've broken down through another level in the S&P as 1460 was taken out, allowing any shorts who somehow held since November 27 to now be in the black.

Livermore stated when you are fighting the overall trend of the markets, you are fighting a losing battle. It's obvious I'm on the wrong side and I don't like the feeling. The worse part is I'm stubbornly holding on for two to three more days for an event that has a 50/50 chance of being right. At best, I'll get out near breakeven, at worse, I'm going to get hit for a third drawdown.

I think the only modification I can make for 2008 is to no longer go with probe positions. Essentially go all or nothing and put a tighter stop since its obvious the old ways are no longer valid today.