What the hell is wrong with me? Anyone else go through anything similar.

Why have rules 8 and 9 if you then go with rule 10 ?


Paul


Well, you need 8 before you can have either 9 or 10, you must have a stop level in mind or in place before entry. 9 is to counter the novice (but not just novices') mistake of pushing out the stop as price moves against you.

As for 10 - well, if your car is skidding and you're going to hit a wall, wouldn't you try to scrub some speed off by braking? More specifically, it would not be a bad thing to halve the loss on half the position that is headed towards the stop: and it lessens the psychological barrier of triggering the stop. Sure, the price could rebound before it hits the stop - you should still break eve or make a reduced profit: and maybe the rebound will generate another entry signal, in which case closing the first part of the position has released capital for this new entry.

These rules are mine, they have been published before, by me. They are aimed at eliminating simple mistakes - but although most mistakes are simple, that doesn't stop people making them, and a codified guide like this has helped me with maintaining disciplined thought processes and eliminating emotion / subjectivity.
 
I wish I'd never discovered spread betting. I lost over 600k in two months. Although it's my own stupid fault, I feel like I've been robbed.
Thats what you get for assuming that trading is an easy proffesion that will make you rich; just because you have found success in other things... Both insulting and patronising to those that work extremely hard day in and day out to learn the markets. In return, they take your money, unfortunately in your case you didn't even give it to the deserving traders on the exchanges, you gave it to the crooks.
 
Worst advice ever, looking for that ONE trade is exactly what you should be doing. It's just unfortunate that the thread starter is going about that in completely the wrong way.

Take a bunch of half-assed crappy trades and pray to the trading God's that 'probability' works in your favour? Sounds like a fantastic way to break even.

:rolleyes:
 
if your car is skidding and you're going to hit a wall, wouldn't you try to scrub some speed off by braking?

On a purely technical basis, if you are skidding the absolute last thing you should do is use your brakes as it will make you skid even more but I take your point in your analogy to trading.


Paul
 
On a purely technical basis, if you are skidding the absolute last thing you should do is use your brakes as it will make you skid even more but I take your point in your analogy to trading.


Paul

steering into the skid is recommended, not sure how that continues the train of thought...:D
 
On a purely technical basis, if you are skidding the absolute last thing you should do is use your brakes as it will make you skid even more but I take your point in your analogy to trading.


Paul

Quite right of course.
 
Doberman,

You are not alone, I had a great morning on Footsie, closed out at lunchtime, just when the chop started, and was satisfied with my morning. The difference was that today is a holiday here and I entered a trade with SP500 and took a nap. When I got back I had been stopped and had lost all my morning's profit. Taking another trade made me lose more.

This is not the first time a holiday has spoiled my day. I, always, knock off at lunchtime during a normal working day. This is the last time that I change my programme.

Thank Goodness that here is a convenient thread to rant on. :cry:

Split
 
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