100% True!
Scaling in to winning trades
- Thread starter Blitzjoker
- Start date
100% True!
The statement needs clarification!
I mean stock trading is basically a trading skill, not a pure technical stuff, which is fundamentally a business mindset
It has three layers to it
1. Business mindset
2. Trading skill
3. Market knowledge
It's a sandwich, not just a loaf of bread or just vegitables but both
Here's a few examples I've shared in the ES Journal of real money trades where I've added to winners.
The premise is that you'll first enter on an early signal and then make a new entry on subsequent signals in the same direction proving your initial read correct. Done properly, the second or third add should be far enough from your original entry such that you quickly put your stop as a minimum at breakeven for the entire position.
IMO, adding to a winner is only a problem when the market is actually stuck in a range and/or you start thinking this is a technique you can use on every single trade or day. It isn't.
The premise is that you'll first enter on an early signal and then make a new entry on subsequent signals in the same direction proving your initial read correct. Done properly, the second or third add should be far enough from your original entry such that you quickly put your stop as a minimum at breakeven for the entire position.
IMO, adding to a winner is only a problem when the market is actually stuck in a range and/or you start thinking this is a technique you can use on every single trade or day. It isn't.
When you clearly know that you are in right track of making a successful career as a trader then it means you have acquired business mindset and trading skills. Recognising these two skills further takes your success to next levels.
On the other hand if you are still unsure about your career as a trader then you have revisit your mindset and trading skills.
Business mindset is an emotion intelligence or in other words healthy relationship with money, similar to parents relationship with their children.
A trader with business mindset will never throw away his investments carelessly. Instead he will do everything in his capacity to ensure safety to his investments.
To know more please feel free to visit my thread "Strategies to avoid loss".
On the other hand if you are still unsure about your career as a trader then you have revisit your mindset and trading skills.
Business mindset is an emotion intelligence or in other words healthy relationship with money, similar to parents relationship with their children.
A trader with business mindset will never throw away his investments carelessly. Instead he will do everything in his capacity to ensure safety to his investments.
To know more please feel free to visit my thread "Strategies to avoid loss".
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India 186/5, Mate. It's a green Pitch, Indian Batsmen probably aren't as used to that.
Sorry, continue folks.
Also England swinging conditions are new to most Indian batsman. Advanced congrats to Aussies!
That's very helpful, thanks.
Define the term business mindset? I think I know what you mean and if I do, I do not think it is sufficient to be successful. It is certainly on the right track, but I think you need a little more than business mindset.