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How many of you have gotten creamed this quarter? I did on some of my
positions because of a lack of...... DISCIPLINE!
Thought I'd share this excerpt from an article today (emphasis is
mine). It is so, so true:
************
Trading is a lot harder than it looks. We can do everything right but
still crash and burn after we pull the trigger. Surprisingly, finding
good positions is the easiest part of our jobs. Managing them into a
profit is far more difficult.
This exposes an uncomfortable truth about our participation in the
markets: Most of us fail because of a lack of discipline, not a lack
of knowledge. In fact, there's only one method to deal with this
career threat. HONOR YOUR STOPS. We're not investors, so we can't act
or think like them.
Many traders ignore their stops, or don't place them at all. But it
can be hard to get out of a bad position gracefully without a
preplanned exit strategy. Unfortunately, many folks just hope for the
best after they assume equity risk. But sooner or later, market
dynamics will force them to pay the price for their laziness.
************
More trailing stops talk anyone???
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