"One who cannot come to a decision will suffer for it, as in I couldn't make up my mind, and now the offer has expired—he who hesitates is lost. Although the idea is undoubtedly older, the present wording is a misquotation or an adaptation from Joseph Addison's play Cato (1712): “The woman that deliberates is lost"
How to learn to IGNORE the failure in trading.
- Thread starter Jamie J.
- Start date
"One who cannot come to a decision will suffer for it, as in I couldn't make up my mind, and now the offer has expired—he who hesitates is lost. Although the idea is undoubtedly older, the present wording is a misquotation or an adaptation from Joseph Addison's play Cato (1712): “The woman that deliberates is lost"
3 things ?
I have got two ...
What do you do ?
- Buy / Hold / Sell
When do you buy / sell ?
- Too early, Psychological moment, too late.
That's what is on your stamp.
Time + Action = Price.
If you've got clue about these two,
Chances are you'll sell higher than you bought.
What else ?
When you pick a top or bottom, the market will continue to trend against your trade. When you chase a trade, that is when the market will reverse against you.
So if you realize you chased a trade and it starts to go against you, try to get out with min loss, and learn to not do it again. We are human and will still make mistakes. There is a difference in getting in on a small bounce off of resistance and seeing that the market was already falling hard and jumping in not realizing we are near a possible bottom. I did that today on ES, trade went against me right away but as it came back down, I was able to kill the trade for a 1 tick loss. On CL then I saw that price wanted to go up but then came back down to a support level, where I was able to get in long for a 2nd mouse trade, meaning the 2nd mouse gets the cheese too. On CL once trade started to go my way a little, I moved up stop giving me now a better risk vs reward. By getting in at what you know is a correct setup point allows a better stop so you don't take a negative risk vs reward.
When looking back on the day, you need to decide if you traded bad, or if your setup was not working. If you see what you did wrong try to fix it for the next day. You just don't want to keep taking losses trying to make back a loss due to a bad trade especially if on a winning day, you don't keep taking winning trades. I would and should rather wait patiently for a good trade then take a loss on chasing a bad trade.
So if you realize you chased a trade and it starts to go against you, try to get out with min loss, and learn to not do it again. We are human and will still make mistakes. There is a difference in getting in on a small bounce off of resistance and seeing that the market was already falling hard and jumping in not realizing we are near a possible bottom. I did that today on ES, trade went against me right away but as it came back down, I was able to kill the trade for a 1 tick loss. On CL then I saw that price wanted to go up but then came back down to a support level, where I was able to get in long for a 2nd mouse trade, meaning the 2nd mouse gets the cheese too. On CL once trade started to go my way a little, I moved up stop giving me now a better risk vs reward. By getting in at what you know is a correct setup point allows a better stop so you don't take a negative risk vs reward.
When looking back on the day, you need to decide if you traded bad, or if your setup was not working. If you see what you did wrong try to fix it for the next day. You just don't want to keep taking losses trying to make back a loss due to a bad trade especially if on a winning day, you don't keep taking winning trades. I would and should rather wait patiently for a good trade then take a loss on chasing a bad trade.
So you are saying position size, and risk management are irrelevant and that it is all about picking winners?!?!? ROFLMAO. NO ONE will EVER make 100% winning trades, so without risk management you will eventually blow your account on one or two bad trades. It's not a mater of IF but WHEN.
I think we have to accept financial losses as a good experience. This makes it possible to analyze the situation and find the right answer, it's like to carry out the monitoring of activities.
OK
This section you only talk about entries and exit decision making, no risk management.
Then you say whatever else they do is irrelevant. So I read that as ^^^ "Proper Entry/Exit is what makes you profitable" VVV "Everything else is irrelevant". If that is not what you meant then you did not make that clear.
Absolutely correct! We have to learn from our mistakes. investing is a process that evolves over time. The markets have a way of finding out your weakness and many times its your past that stands in the way of future gains.
