You did not read The Book, did you?
Taking profit way too early!?
- Thread starter sjain100
- Start date
You did not read The Book, did you?
Always take early profits at first sign of trouble, then re-enter.
I always use OTO orders, to automatically trail a stop, or set hard stop, that I reset to manually trail.
https://www.fidelity.com/learning-center/trading-investing/trading/conditional-order-types
I always use OTO orders, to automatically trail a stop, or set hard stop, that I reset to manually trail.
https://www.fidelity.com/learning-center/trading-investing/trading/conditional-order-types
In my analytical experience for the last 3500+ trades, reversal to entry after tgt 1 is hit is about 9.1% of the time and then about 88% of the time these select trades go on to tgt 2 and make much more than nothing or what BE would yield. The fear of "getting stuck when trade reverses' often forms in the minds of those that have failed to measure and lacking any knowledge, form an opinion based on ignorance.
Get a plan and stick to it. Exceptions should be under 1-20. Otherwise your plan is bad. A plan going wrong is valuable feedback, without it you will churn along with a sub-optimal plan for years.
If you can't stick to your plan, go to paper until you can, then introduce the real pressure of actual money. Repeat until there is no difference, then tackle the issues of sustainability and exceptional conditions, both of which are inevitable.
If you can't stick to your plan, go to paper until you can, then introduce the real pressure of actual money. Repeat until there is no difference, then tackle the issues of sustainability and exceptional conditions, both of which are inevitable.
It's highly recommended and mandatory reading on WS traders, unofficially of course.
You should. Just about every sucessful trader I've heard interviewed recommends it. I re-read it at least once a year.