Gary, Danny, you're both wrong. Its nothing to do with trading the plan; its before that, its not having a PLAN that you BELIEVE and TRUST.
As with going through all the different losing scenarios when formulating your PLAN, you MUST also go through all the profit scenarios. If you are going to exit through set targets, go through all the steps on what you will do as price reaches your targets. Will you trade 2 or 3 lots to TP in stages or will you just do 1 and exit at the final target? All these different scenarios should be covered and considered. If you had done this, you would not have let your emotions CONTROL your trade. Instead, your GREED emotions grabbed you by the short and curlys and you obeyed their command.
If you are going to be successful at trading, you MUST keep your emotions out of your trading especially for those who are looking to trade the trends.
Another important point is that we have to keep our winning trades way bigger than our losing trades, at the very least by a factor of 2. Taking premature profits is a fast way to get this upside down.
Whether you know it or not, what you did was jump from trading the Worker time frame to a shorter time frame and maybe if you had looked at that shorter time frame, you could have got out with better profits.
Don't even think about throwing out the argument that, by jumping in and taking profits, you at least got some profits whereas it could have turned on you and you would have had less. Trading is EXACT; it is not about the "what ifs, maybe, it might, could have etc". These things even themselves out in the long run - remember, trading is all about probabilities.
So to summarise:
Your PLAN must include profit scenarios as well as losing scenarios.
After completing your PLAN, ask yourself if you believe it and can trust it WITHOUT interfering mid - plan. Be honest with yourself. If you can't, change your PLAN. Keep changing it until you accept, believe and trust it without interfering.
YOU are controlling the trade NOT your emotions. Stay cool, calm and collected.
Only trade ONE TIME FRAME. Do not enter on one time frame and exit on another.
Have the PATIENCE to stick with and see out your PLAN
Have the DISCIPLINE to NOT INTERFERE, AT ANY POINT, with your PLAN
Finally, don't go back on this trade and think about how much you could have made if you had stayed in. FORGET IT, this trade is DEAD & BURIED! Move on to the next opportunity.
OK, I've fallen off my soap box!
As with going through all the different losing scenarios when formulating your PLAN, you MUST also go through all the profit scenarios. If you are going to exit through set targets, go through all the steps on what you will do as price reaches your targets. Will you trade 2 or 3 lots to TP in stages or will you just do 1 and exit at the final target? All these different scenarios should be covered and considered. If you had done this, you would not have let your emotions CONTROL your trade. Instead, your GREED emotions grabbed you by the short and curlys and you obeyed their command.
If you are going to be successful at trading, you MUST keep your emotions out of your trading especially for those who are looking to trade the trends.
Another important point is that we have to keep our winning trades way bigger than our losing trades, at the very least by a factor of 2. Taking premature profits is a fast way to get this upside down.
Whether you know it or not, what you did was jump from trading the Worker time frame to a shorter time frame and maybe if you had looked at that shorter time frame, you could have got out with better profits.
Don't even think about throwing out the argument that, by jumping in and taking profits, you at least got some profits whereas it could have turned on you and you would have had less. Trading is EXACT; it is not about the "what ifs, maybe, it might, could have etc". These things even themselves out in the long run - remember, trading is all about probabilities.
So to summarise:
Your PLAN must include profit scenarios as well as losing scenarios.
After completing your PLAN, ask yourself if you believe it and can trust it WITHOUT interfering mid - plan. Be honest with yourself. If you can't, change your PLAN. Keep changing it until you accept, believe and trust it without interfering.
YOU are controlling the trade NOT your emotions. Stay cool, calm and collected.
Only trade ONE TIME FRAME. Do not enter on one time frame and exit on another.
Have the PATIENCE to stick with and see out your PLAN
Have the DISCIPLINE to NOT INTERFERE, AT ANY POINT, with your PLAN
Finally, don't go back on this trade and think about how much you could have made if you had stayed in. FORGET IT, this trade is DEAD & BURIED! Move on to the next opportunity.
OK, I've fallen off my soap box!
15 YEARS OF PASR ON FOREX FACTORY!
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