Scared trading...

Quote from Fleming Snopes:

It also helps if you really don't need the money that badly. If eating depended on trading I'd get a job. I like monitoring and making decisions on a one second chart because I have mine rigged to sound like a pit. "Buy when they cry and sell when they yell."
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If your stop is 3 ticks then what is your profit target?
 
I prefer to think in terms of profit potential, not target. I neither hold doggedly waiting for it to be achieved nor exit promptly if it is. That said, typically eight to sixteen ticks.
 
I don't think of any trade as bad, so long as I take my predetermined stop loss. They are all instructive. They all lead to a better understanding of the elusive quality of persistence, which is the only thing which distinguishes a nascent move from a fully mature one, since all moves start out looking alike. If you are defining a bad trade as one which fails to reach the expected next level of support or resistance after entry, then I exit that trade when it is clear from dawdling of price that it ain't going where I expected it to as fast as I expected it to. If anything is bad in that case, it is my analysis and judgement, because price, like a woman you want to screw, is always right.
 
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