Quote from Matcha:
Out way too soon on the trade. I knew at that point I lost confidence on the trade and started to contradict my original long decision. I entered on a first pullback set up after a clear reversal signal @7:00. Then when bar started to retrace after I entered, I thought: âoh, maybe I was wrong, today is probably a huge bear day with a large gap. There might be some dramatic selling pressure come in here; I might need to get out.â So I messed up a good trade. Got to put all the thoughts in my trading log, analyze and keep track of them. Lately I have been making a lot of âshaked outâ trades.
Matcha, you are guilty of thinking while trading and friends don't let friends think and trade
Thinking needs to take place BEFORE your order is placed, not after. Certain concepts have no place in trading and one of them is the belief that you are wrong or right. Trades are just parts of the entire day's/week's probability game.
If you put on a trade based on the setups you've chosen to trade, you are never wrong! Price may end up hitting your stop before hitting your target, but that doesn't mean you're wrong, it just means price hit your stop and it's time to watch for the next setup.
Read this out loud so you hear it. In fact, record this and play it back so you hear it from outside yourself:
When I put on a long trade off a higher low, I look for price to make a higher high. When I put on a short trade off a lower high, I look for price to make a lower low. I wait patiently for price to approach the previous level. Price rarely moves in a straight line. Many traders wish they got in where I did! They're hoping price comes back and gives them a chance to get in where I did. If price comes back there, they'll get in, too. If price doesn't come back there, they'll chase price as it breaks out. That's how price makes higher highs or a lowers low in a trend.
In my trade today, as long as that higher low holds, my trade is valid unless price fails to visit that previous high and then breaks back down through the higher low.
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Matcha, unless you're trading an established range, your initial profit target is a higher high or a lower low in the direction of the trend (or the expected trend in the event you entered on an early reversal signal).
The only reason to exit your trade early is if price gets very close to the previous high and fails to break it, or breaks it very weakly and retreats. At that point you may want to move your stop to b/e, then re-evaluate the action if stopped out.
to 1258.75 and reversed higher to pass my target plus more. I had another trade like this later. 
