Want to share this.
Trading is psychological game and one thing you must ingrain in yourself that everything is probability and you don't know the future.
Why is this important.Makes taking losses impersonal unemotional which is critical.Taking profit then next day price goes another 50pips in your direction without you then you beat yourself why you got out early. Don't price easily could of gone against you taking all your profits.Taking profit 50pips+is solid and that's that.Don't ever think you could of, you should of, NO its a probability game.You must really think about this and why I love Mark Douglas so much.He covers this more eloquently.
Saying I could of waited and collected 50pips more after the fact is mind trick you are looking at the chart having hindsight advantage.Reality is different.
To me 50+pips in multiple positions gain is solid gains and I am happy even if price goes another 50pips without me.There is another day another trade.Everyday there are opportunities.Humility is important you can't allow greed to dominate your thinking because that's when you commit most errors. Over trading is basically result of greed and overconfidence.No matter how good you are market is still the king and you must show respect and humility towards it.
Trading is psychological game and one thing you must ingrain in yourself that everything is probability and you don't know the future.
Why is this important.Makes taking losses impersonal unemotional which is critical.Taking profit then next day price goes another 50pips in your direction without you then you beat yourself why you got out early. Don't price easily could of gone against you taking all your profits.Taking profit 50pips+is solid and that's that.Don't ever think you could of, you should of, NO its a probability game.You must really think about this and why I love Mark Douglas so much.He covers this more eloquently.
Saying I could of waited and collected 50pips more after the fact is mind trick you are looking at the chart having hindsight advantage.Reality is different.
To me 50+pips in multiple positions gain is solid gains and I am happy even if price goes another 50pips without me.There is another day another trade.Everyday there are opportunities.Humility is important you can't allow greed to dominate your thinking because that's when you commit most errors. Over trading is basically result of greed and overconfidence.No matter how good you are market is still the king and you must show respect and humility towards it.
In trading, you have to be defensive and aggressive at the same time
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