My First Loss

Today was a decent morning of trading for me. There was an announcement on Pending Existing Home Sales. The numbers came in a bit lower than expected. There was a bit of a sell-off before the announcement, so perhaps the information was leaked early. I went in short and made 1.5 points (15%) on the initial movement. After about two minutes it looked like the price was bottoming out, so I bought long on what I thought was the correction. Turned out this wasn't the bottom. The market continued downward af couple more points and I was stopped out with a 1.75 point loss (17.5%). That is my first loss in 10 trades. My stop loss was set at 2 points. Had I set it a little lower (I normally set it at 3 to 4 points) I would have been fine. The market turned right after I was stopped out. I bought in again near the bottom of this movement and made 1 point back. So overall, I was up 0.75 points (7.5%) for the day. Not bad, but I really hated losing.