When you don't have an exit plan...

Market overview:

Another INSANE day.  

This is how I feel...

   

RUT down 5.88%. All of my gains from successful trades are wiped out and I'm in the red.  I've failed to act on my losses and let things go out of control. I'm extremely disappointed. My MCD put vertical credit spread was triggered when MCD fell below 50.75 I exited the trade with a .3 loss (a little more than 20% loss).

I've reached a point of hope at this point. I've failed to follow all my rules and getting too emotional and worrying about losses. When if I had placed the stop loss in, I wouldn't have gotten such huge losses. The only sign of recovery for me is time and a rally soon. I need to put in the stop loss as soon as I get into a trade from NOW ON. Otherwise I will let my emotions get in the way of any logical and rational thought.