Getting on the wrong side of a massive move like this early in the day does serious damage. First of all it ruins your psyche. You are watching the market fall apart and you know you are on the wrong side. You look for good exits for your mistakes and there aren’t any. The selling is relentless. If you are a seasoned trader, you recognize you are on the wrong side and you short /ES while you adjust. New traders take longer to get to the sidelines and once they bail they are exhausted and they have lost money. The last thing they feel like doing is to take short positions or look for them. Unfortunately, that is exactly what they need to do.
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