Carl, this long trade of yours is working out quite well. However, needless to say, it would be very hard to do for many of us. One has to be right AND have guts!
Kishore, I don't think it takes one to be right or have guts to make that trade. I think if anyone who is scared about being wrong is missing an exit point. If you have an exit (risk management) in place, why not take the trade if it is close to support? One's odds of gains are better if you go long at support or go short at resistance. Just don't hold until the cows come home.
TA, you are absolutely right. But to be honest, it has been hard for me to take a small loss, so I, habitually, cancel my stops. As a result, I end up taking big losses. However, I will have to modify my stupid ways. Even the best trading signals are useless unless we ignore our emotions. If only I could just walk away from the screen, after placing a bracket order, I should do fine, in the long run. Thanks!
Kishore, I completely understand. BUT one's got to learn sometime! :) Ever read "Way of the Turtle" (Curtis Faith)? In summary, he exceeded other turtles in returns because he had the courage to not let his past results influence his current actions. Key is to find something (solid indicator/method) which will give you concrete price points to trade off of. Then, you need to stick to the system (like Carl) and monitor your returns. If you get adequate returns, you'll gain confidence. If not, time to try something different.
excellent entry, Carl!
ReplyDeleteCarl, this long trade of yours is working out quite well. However, needless to say, it would be very hard to do for many of us. One has to be right AND have guts!
ReplyDeleteNice trade. Seemed like an easy spot to play for temporary bounce.
ReplyDeleteJF
Kishore,
ReplyDeleteI don't think it takes one to be right or have guts to make that trade. I think if anyone who is scared about being wrong is missing an exit point. If you have an exit (risk management) in place, why not take the trade if it is close to support? One's odds of gains are better if you go long at support or go short at resistance. Just don't hold until the cows come home.
TA, you are absolutely right. But to be honest, it has been hard for me to take a small loss, so I, habitually, cancel my stops. As a result, I end up taking big losses. However, I will have to modify my stupid ways. Even the best trading signals are useless unless we ignore our emotions. If only I could just walk away from the screen, after placing a bracket order, I should do fine, in the long run. Thanks!
ReplyDeleteKishore,
ReplyDeleteI completely understand.
BUT one's got to learn sometime! :)
Ever read "Way of the Turtle" (Curtis Faith)?
In summary, he exceeded other turtles in returns because he had the courage to not let his past results influence his current actions.
Key is to find something (solid indicator/method) which will give you concrete price points to trade off of. Then, you need to stick to the system (like Carl) and monitor your returns. If you get adequate returns, you'll gain confidence. If not, time to try something different.