I blew three accounts, each time I learned tons, about myself and about this business through reading.
I don't don't trade with a with a stop but I do use mental stops. Using correct position sizing helped tons in going from a panicky trader that cuts profits and lets losses run, to a trader that makes consistent profit. I occasionally 'rescue' bad trades, i.e. if I sold and a trade goes against me, I wait for a topping signal and sell again. Keeping my entries small generally gets me out at 0 or at the very least mitigates the loss, this of course is done only in the direction of the main trend. Once I go red by a certain amount, I stop thinking about profit and only about recovery and evaluating what went wrong. I watch pivots, and price patterns that develop on low time frames around them, then weigh sentiment to pull the trigger.
I've been profitable since November doing this.
I don't don't trade with a with a stop but I do use mental stops. Using correct position sizing helped tons in going from a panicky trader that cuts profits and lets losses run, to a trader that makes consistent profit. I occasionally 'rescue' bad trades, i.e. if I sold and a trade goes against me, I wait for a topping signal and sell again. Keeping my entries small generally gets me out at 0 or at the very least mitigates the loss, this of course is done only in the direction of the main trend. Once I go red by a certain amount, I stop thinking about profit and only about recovery and evaluating what went wrong. I watch pivots, and price patterns that develop on low time frames around them, then weigh sentiment to pull the trigger.
I've been profitable since November doing this.