Sounds like a plan.
As a beginner consistent trader...
- Thread starter Leob
- Start date
"Educated guesses"..
But it still a guess. We will do better if we will not forget that.
What, you not a fan of Wild Ass Guesses?
Not with money..
That is why you need stop losses to take you out automatically, if you are wrong. Now, if you are right, you do not have to do anything other than trail your stop losses upwards. Trends do persist and a fools errand to try to pick tops and bottoms. How many ET trolls have said we will have a deep correction on such and such a date? Each one has been wrong but, the trend (upwards) has been right every time. Only a fool trades against the trend. You are getting the worst of it because most traders are long, including, the hedge funds. The same applies to a stock going down.
The losses can be controlled by not allowing your emotions and greed to take over. You can limit the loss if you stick with your strategy and keep a clear head during market fluctuations. Use stop-loss orders and take profit orders to protect your assets.
First, one huge profit doesn’t make you a consistent trader. Second, If you want to hold on to your profit and are afraid to do anything that’ll make you lose your gains, that means your profit was nothing more than a random lucky event. To become profitable in the long run, I would suggest you focus on learning market behavior. It is going to help you increase your self confidence and you won’t have a difficult time taking trading decisions.
During what hours do each of your windfall trades occur?
At what time during each trading session where it occurs, do you 'freeze up'.
If you want to parse this out you should list the two times above for Each and Every time it has occured.
Windfall Trade time and date
Freeze up time and date