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Redneck Trader: Insightful; outstanding post. Thank you!

Something to add to your trading plan. “What do I do when I make an execution error?” You are going to make them so you might as well have a process for dealing with them. It can be as simple as closing the position immediately or as complicated as you want to make it. If you have...

You can’t be right all the time. Don’t look at your trades as winners and losers but rather as good trades and bad trades. A well-executed trade that stops out is a good trade. That’s a $4000 swing. You might want to consider spending a few bucks on a decent trading platform.

I have to ask, why slowly? You have recognized the problem and now have to change. What will you gain by doing it slowly? What specifically are you going to do different?

A more difficult exercise than one would expect.:)

What I did to solve that was to use software to control the trade once I’ve taken a position. The program sets and moves the stops and the targets. I pick the set up and enter the trade. I could then walk away and leave the program to monitor the trade, as it will follow my plan exactly...

Your trading plan should be simple enough that anyone can follow it. The plan should have a set up that gets you into a trade and an exit strategy that takes you out. Don’t you trust your plan enough to follow it?

Would have been tough today , I have the high @ 21.21 What are you going to short?

In that case increasenow is a shoe in.:cool:

To add to what RN stated above I read this somewhere and it seem appropriate to trading. "To be what you have never been you must do what you have never done" "The defininition of insanity is doing the same thing over and over but expecting different results" Albert Einstein

Yes it's unfortunate that way most traders learn to take small loses is by taking a big loss.

Why wouldn't you put your hard stop at the point that would invalidate your trade?

+1 Pay attention class.

Good luck.:)

You shouldn’t need a reason to enter your trade as such. The set up you use should suffice. Your system should have a set up a stop and a target. Once in a trade you can move the stop closer to your entry or above and your target if your criteria for doing so are met. If you have done...

Good start. Go to chapter 11 and do the exercise. Use this journal to report if you followed your plan. What data are you including in your trade log and how are you going to use it to help you? Good luck with automation.

What steps are you taking to over come these problems?

All of the above and then some. Edge is the probability of your trading system making more money than it loses. Once you have determined an edge you have to make sure your emotions don’t make it ineffective.

Has your model changed after your stop out? Buy at 51.35 sell at 47.32 Buy at 48.21 plan to sell at 50.10 This doesn’t seem to be letting winners run or cutting losses quickly.

Give a pro golfer a driver and a putter and they will outscore most of the golfers in the world. Give a veteran carpenter a hammer and a handsaw and they will frame you a house. When they have all the tools they need they get outstanding results but what sets them apart is the talent they...