should you really wait for support??

Quote from kut2k2:

Of course we trade to make money. Duh!
More...

Really Kut2k2?

Then how do you explain that some (if not most) traders will keep a losing position open just to "teach" the market a "lesson" and prove they were "right", until all their money is gone, for example?
 
SIUYA,

I think you made a good point a while back. Limit orders to open do ensure you are in on all the bad ones AND some explosive moves never get filled. Thats a nice reminder to me.
Oft times that big green daily bar after a global event is no " trick" and means get the hell in. Especially these years.
 
Quote from xelite777:

Really Kut2k2?

Then how do you explain that some (if not most) traders will keep a losing position open just to "teach" the market a "lesson" and prove they were "right", until all their money is gone, for example?
More...
Because they haven't learned how to trade skillfully. I don't think they want to fail, they just haven't figured out how to succeed (yet). Some people have psychological barriers. They think a losing trade is somehow a revelation that they are "bad" or unworthy. This is often the result of bad parenting ("If you don't do this right, you're a bad boy! (a bad girl!)") The kid gets the message early that any screw-up is unacceptable and he/she carries that into adulthood.

But in trading you have to expect losses ("failures") because there is no perfect trading plan. These people have to learn the real failure is failing to follow their plan. Having losing as well as winning trades does not make you a failure as long as you make more money than you lose. Find and follow a plan that makes you consistently net-profitable and you will be a trading success story.
 
Quote from Visaria:.u just reminded me, maybe a long way left to go :mad:
More...

Not at all Visaria, on the contrary, my comment was a compliment, not a sarcastic remark :)
 
I have concluded that the best thing to do is wait for a pause and confirm that selling is mainly profit taking light selling and trend is going sideways, when buying resumes I will make an entry.Like this......
 

Attachments

Hi WWatson1,

Could you be kind enough to take this set-up - even on a demo -:

* IF a strong breakout bullish bar appears out of a trading range
* This followed by a small bearish inside bar

- take a long trade, 1 tic above the bearish bar
- stop : 1 tic below the bearish bar
- target : move stop below bullish bar if it closes and
stalk the price ( just shows the psy did a good job, I can talk of
stalking positively. lol. :D ).

This would be very useful to give an example to a friend of a
set-up. Winner or loser, it would be nice to have the pic of this
trade as well.

Thanks in advance. :)
 
You must log in or register to reply here.
Back
Top