By ProTrader Mike
When Do You Walk Away - Take The Money and Run?
Last weekend I was in the mood to play some cards, so I went to my local casino to play some poker. I decided to join a $2/$5 No Limit Texas Hold Em game and bought in for $300. On the drive there, I decided that my goal for the night was to double my buy in, so I wanted to make a profit of $300. As soon as I hit my goal, I decided I would cash out and head home to watch some TV and go to bed.
The first hour of the game was pretty boring for me, I didn’t get many playable hands, so I waited patiently for opportunities with positive expectancy. About an hour and a half into my session, I picked up Aces and won a huge pot against a maniac trying to bluff me out. Of course, I had been paying very close attention to my opponents while waiting patiently for my opportunity, so I was well prepared for his bluff.
This hand put me close to my goal. An hour later, I built my stack up over $600, doubling my buy in and hitting my goal. I felt great and was proud of the way I had played. I had stayed on the reservation the whole time, only playing premium hands in spots with high positive expectancy. I didn’t waste chips playing silly hands. However, despite the fact that I had promised myself that as soon as I hit my goal I would head home, I decided to stay and play a few more hands. I justified this decision to myself by thinking about how I had nothing to wake up for the next day, so it didn’t matter if I played a bit longer. Besides, I was playing great… The only way I could lose is if I got unlucky!
Well, just as MOJO Wave Theory predicts, I did get unlucky. Very unlucky.
A few hands later a new player to the game put in a raise. I looked at my hand and saw pocket sevens, so of course I called his raise.
The flop came out: 9, 7, 2
Beautiful flop for my hand, I flopped a set and there were no straight or flush possibilities, only draws! So I put out a bet. Surprisingly, my opponent re raised me huge! You know how the rest of the story goes, I moved all in, he snap called and showed me that he had also flopped a set…but a set of NINES!
What horrible luck! Needless to say, the turn and river brought no help, so I had to give up $300 to double up the new player to the game.
While I experienced awful luck and was put in a spot where it was nearly impossible to fold my hand there was one way that I could have ensured that I walked away a winner:
I should have cashed out immediately after hitting my goal!
Just as we preach in the MOJO Day Trading Room on a daily basis! Once you hit your goal, log off and go enjoy your day! It didn’t matter that I had nothing to wake up for and could stay as long as I wanted! As soon as I hit my goal, I should have racked up my chips, went to the cashier and cashed out! Once you set a goal, respect it. Cash out and log off when you hit your goal.
MOJO Wave Theory is simple - it means the money is to be made in the market quickly in the first few trades and make enough to hit daily goals and be done for the day. The Wave Theory suggests after 11:00am it's difficult to make trades happen due to less movement in the stocks. Called flag patterns. Now, I have had the same experience trading stocks and I am sure you have to. How many times have you been trading by yourself and hit your goal, only to get greedy and keep trading? I bet it happens a lot.
Well guess what? That does not happen in the MOJO Day Trading Room. In the MOJO Room, we set our daily goals, and when we hit them we head off to enjoy our days. A lot of MOJO ProTraders are avid golfers. Others spend the day at home with their family. It is just the MOJO way of life!
Take a look at my mousepad. We mean business.
Look, there is no point chasing huge scores after you have already hit your goal. That is acting like a trader, not a business man. Remember, there is always another trading day.
Take it easy and enjoy your day, you don’t want to give back your profits because you got greedy and couldn’t resist making one final trade…
P.S. Check out today’s MOJO Daily Recap video to see how we hit our goals this morning: