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All in on my YM shorts
- Thread starter flipflopper
- Start date
Quote from flipflopper:
I know I'm going to regret this but I just finished covering all my shorts. between 15-30 on average.
I know we are heading much lower but oh well.
Pardon me for saying this but....
This is exactly the type of mentality that needs to be changed when trading.
I see traders willing to swallow pain when a trade goes against them, yet when it's working they are very quick on the profits. In fears of what ? Price going back to entry ? Trade becoming a loser from being a winner ?
One thing that helps me is that unless I get stopped out or hit my target I am neither winning or losing; I'm simply in transition and no final score can be determined.
Plan the trade, trade the plan. Of course, if you over leverage, it's very hard to stick to the plan which is exactly why you should not.
Quote from Anekdoten:
Pardon me for saying this but....
This is exactly the type of mentality that needs to be changed when trading.
I see traders willing to swallow pain when a trade goes against them, yet when it's working they are very quick on the profits. In fears of what ? Price going back to entry ? Trade becoming a loser from being a winner ?
One thing that helps me is that unless I get stopped out or hit my target I am neither winning or losing; I'm simply in transition and no final score can be determined.
Plan the trade, trade the plan. Of course, if you over leverage, it's very hard to stick to the plan which is exactly why you should not.
Yet another excellent post!
Thanks for reminding us of an important trading rule.
Quote from Anekdoten:
Pardon me for saying this but....
This is exactly the type of mentality that needs to be changed when trading.
I see traders willing to swallow pain when a trade goes against them, yet when it's working they are very quick on the profits. In fears of what ? Price going back to entry ? Trade becoming a loser from being a winner ?
One thing that helps me is that unless I get stopped out or hit my target I am neither winning or losing; I'm simply in transition and no final score can be determined.
Plan the trade, trade the plan. Of course, if you over leverage, it's very hard to stick to the plan which is exactly why you should not.
10K was enough profit for me for the day. In case you hadn't read any of my previous posts I could some it up... this was not a carefully planned trade. It was a disaster where I averaged up and needed a market break to cover into. I got that break, I felt it could have been gone lower over the next few days but it also could have reversed. If I held I would have given back much today.
You still in the puretick room?
Quote from flipflopper:
10K was enough profit for me for the day. In case you hadn't read any of my previous posts I could some it up... this was not a carefully planned trade. It was a disaster where I averaged up and needed a market break to cover into. I got that break, I felt it could have been gone lower over the next few days but it also could have reversed. If I held I would have given back much today.
You still in the puretick room?
Average up ?
That would be when the trade is going in your favor, which is in my humble opinion the right thing to do so. However, if you did in fact, double down when it was going against you, commonly known as average down, then spank yourself a few times because that is a recipe for disaster.
Left PT almost two months ago looking for a one on one encounter with the market with less distractions.
Glad the trade was a profitable one but most important happy to hear you noticed the mistakes and hopefully learn from them.
so how much money did you retards lose on thursday?