DislikedThank for your post. It remind me that I should be able to accept a small loss when price do come back again my entry. This is something I don't do, I usually wait until I am been stopped out with my Stop loss. The only reason why I don't get out is because I'm afraid to take a loss and I let my stop took the decision for me
Like in any game battle , I should look to be able to risk, preserve and collect my ammunition ( money) on the run.
The hardiest part, for me, is to execute what I just wrote.....
This is a psychology game.
- Price rise...Ignored
Hi Martin,
In my opinon there are three really important aspects of trading: 1. is having a way to read sentiment. Is the market trending/or in chop? It is helpful for me to know if the market is long/short/or mixed. Once you have a bias 2. you need timing/when are you going to enter it? and 3. find out when you are wrong.
The more accurate and well defined those basic principles are by the trader, in my humble opinion, the more likely your money management and your risk/reward ratio really shows its statistical prowess over other much more complex ideas.
Failure is definately a part of trading, and anyone too sensitive to losing will definately have a hard time in this field, as - with all respect - shows a lack of maturity as a human being. Everyone fails - this field is about some say 95% of traders failing. There is failure everywhere... Every morning I wake up and I remind myself of discipline, cause any slip - puff, it can be all gone.
It is my belief that the question is not how do you feel when you fail? - everyone knows it sucks - I think the question is how do you remedy it? - and to me is to have a short memory, and be grateful every morning when I wake up for everything I currently have. That discipline allows me to keep me from getting in to too long of a funk, as it keeps me positive.
