Thanks JB
I struggle with these two above, and I am sure some of other server users as well!
I love scalping, and I have a tendency to buy in and sell quickly, just to see it move way past my exit point
This, (I assume greed) made me force myself to stay longer in the trades to realize more profit, and see it go negative again.
Then, I started lowering my SL in order to give the trade more room to breath, and of course led to more losses
Obviously, it is clear to me that I am chasing the market, I get out too fast because I have no confidence in the play, I do not re-analyze the trades once in - to look for a re-entry (exit with a small loss/profit and re-enter later based on TA), and I keep adjusting my " inaptly called strategy"
I need to:
-
Wait for the better entry points with the risk of not getting in.
There is always another play around -
Take profit at a resistance/support levels, even if it pushes through later
Compound gains -
Get out faster, with smaller losses (broken support/resistance)
Confirmed bad plays, can always re-enter later -
Accept the loss as outcome, not the profit potential
When bias/hope of direction sets in, real market view is skewed -
Fearless / Emotionless
If I need to check my trades every min or so, it means I am not confident in the trade, did not accept risk, run on hopium
I am trying to become a better , consistent and emotionless trader, and this community and their “leaders” are just amazing. Not looking for freebies, I am honestly willing and looking to do the hard work and learn, and I am always willing to listen to advice and criticism, and hopefully one day be capable of giving back to the community my knowledge and support (whichever way)
I’d love to see the gods create more posts on strategies, psychology, trade management, even mandatory training…I think would benefit a lot new traders
Anyway, thanks to all of you for the selfless desire to help and share your knowledge and hard earned wisdom