sell any bounce

The first week of 2016 to the year marks the worst start in the history of the stock market.

The devaluing Chinese yuan, slack global growth, divergences in the major averages, the slide in junk bonds, the slide in oil and other commodities reaching multi-year lows, and the prospect of rate hikes all contributed to the market's troubles.

"DON’T HOPE AND PRAY. IF YOU DO YOU WILL LOSE."

DON’T HOPE AND PRAY. IF YOU DO YOU WILL LOSE.
When I was a new and undisciplined trader, I can’t tell you how many times that I prayed to the “Emini god”. My prayers were a plea to help me out of a less‐than‐pleasant trade position. I would pray for some sort of divine intervention that, by the way, never materialized. I soon realized that praying to the “Emini god” or any other "financial markets God” was a wasted exercise. Just get out! 

"GET OUT OF YOUR LOSERS"

GET OUT OF YOUR LOSERS You are not a “loser” Because you have a losing trade on. You are, however, a loser if you do not get out of the losing trade once you recognize that the trade is no good. It’s amazing to me how accurate your gut is as a market indicator. If, in your gut, you have the idea that the trade is no good then it’s probably no good. Time to exit.