100% of traders are losers. Just that some win more than they lose!
DislikedYou should have a target before you even enter the trade. Then set it and forget it. If you trust your trade plan.Ignored
DislikedGuys, i have a problem. A big problem in my opinion.
I tend to exit without a good reason and i cant break out of the habbit!
Today i exited my eurcad and usdcad short trades for 20 and 46 pips respectively...For no good reason at all other othan i was in profit.
Dislikedi often hear that "exits are more important than entry" and vice versa, or things like "the money is in the exits" etc. but one thing i could never understand...what is the difference between an exit and an entry? with regard to the expectancy of the system, entry and exit are both are technically the same thing, no? if i short GBPUSD, why does it matter if that trade is getting me in or out of a position? shouldnt i have the same mindset for both trades?
this question is not aimed at you Mr. D, because you are talking about human habits, which is a different thing...but your post sparked me to ask this quesiton to everyoneIgnored
DislikedFor example, if you have a long position that's working, at any point you might want to ask yourself whether had you been flat at that point, would you go long? If the answer is no, it's probably tiome to close.Ignored
Dislikedif you have a long position that's working, at any point you might want to ask yourself whether had you been flat at that point, would you go long? If the answer is no, it's probably tiome to closeIgnored
DislikedCheck out this old thread of mine. Not sure if will help you much, all I know is that many of the points raised completely changed my approach to my (then) exit strategy (I use that phrase for want of a better description of the aimless method I was using).
There might be something to glean from it. We know from the rest of your input here that you're in touch with this thing, so I'm sure you'll find a way out of this little problem.Ignored
DislikedI dont quite agree.
A certain price level might be not appealing to enter a position but that doesnt mean that it might yet be appealing to exit. For example, you might have missed the entry on a swing trade and the swing might have carried through half way through the swing already, so you'd rather not enter and wait until the next swing. However, there's still potential on that swing for some extra juice and thus might want to stay in a little bit further.Ignored
DislikedRemember there are three positions in trading.
Flat (or no position)Ignored
DislikedI wonder if the problem was because CAD had no further support after the lowest low we see on our charts. It is kinda difficult for me to let the pair set new lows with my trades. The only tool i have is fibonacci Extensions (127% 138.2% etc)
well, the learning process continues.
I read the thread that peter directed me to and now i'm wondering if scaling out of the losing position and scaling into the wining is what we ought to be doing hereIgnored