Hold onto winners, hold onto winners!!!
I’ve mentioned previously about holding onto winning trades and cutting your losers. I am great at cutting out my losing trades early but holding onto winners? The urge to take profit early I think is my current weakness. The sight of profit gets me salivating!
Anyway, my first trade was a short at 136125.. the market had failed to get above a previous high of 136150 on the 24th March and the stochastics in the 5 mins had topped. I took profit early at 136025 for 4 prices to find that the market moved to a low of 135700.. 13 missed price profits!
Then I went long at 136025 as the market broke above a previous high and took profit at 136100 for +3. The market since moved up to reach 136800 which was a missed 31 price profit.
I entered again at 136325 and sold out at 136500 for +8.. the market has since got to 136800 so another missed 12 price profit.
Ok, I probably wouldn’t have taken the last trade if I had held the second trade but it would still have been about 44 prices if I had rode the market as much as I could and exited at exactly the right levels. In reality, if I had held on, I would have made about 35 – 40 prices.
Anyway, despite all this, I still ended up in profit today at +14. Phew! 🙂
