I have mixed feelings on the concept used in trading of “next” – as in just move on to the next trade. It does make sense in so many scenarios and certainly will help with preservation of your mental capital. That makes sense to me.
However, I feel that many take this too far. Because you just close off that opportunity mentally, you miss out on opportunities that arise – often within the same intra-day period.
Personally, I keep an eye on many trade setups that I “wish” I would have taken. Why? Because I often get a second chance for an opportunity to enter – something that is a big part of my trading process.
Case in point, a trade today in $MON (Monsanto). I came into today with a Fab 5 long stock position and an October 92.5/90 Collar (means I am short the 92.5 Call and Long the 90 Put). I unwound the long stock position and sold the 90 Put, leaving a short 92.5 Call.
I could have just left the trade alone and moved on but felt that the stock would begin a recovery and wanted to participate in that recovery with a new long entry.
I could have said “next” but elected to continue to evaluate the price action and ultimately did enter a new long position: