Posts Tagged trading psychology
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 mar
April 1, 2008
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I had a lot of 'rules' in my head today regarding my trading which I wanted to adhere to. They were:
Only trade when there is a signal, wait for confirmation before entry
Try and hold out for greater profits, move stop loss to next level each time the market moved my direction
Try and be objective, resist the urge to take small profit if the market is still behaving or going my way
Watch for the longer term trends to gauge the directional trade bias and use the shorter timeframes to
March 31, 2008
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When I got back home, the market was slowly dying a death.. the market was heading lower and lower. The stochastics charts were flatlined at the lower end and not moving much at all in both the 5 and 15 minute charts.
I went short and tried to hold it as long as I could from 132275.. it managed to get as low as 132050 before it headed higher and hit my stop for -3 (it would have been lower but I learnt my lesson from yesterday and that's to move the stop down as the price moves beyond each le
March 28, 2008
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