|
PureBytes Links
Trading Reference Links
|
In a message dated 98-03-26 00:30:15 EST, tkelley@xxxxxxx writes:
<< I took a huge loss because I didn't listen to my stop, and I was
influenced by my previous trades. All psychology. It is hard to treat each
trade independently. Instead we are effected by our previous trades. This can
lead to trouble as it did with me today. >>
Hi Troy,
The most important part of this post is that you realize the
psychological problem. Congradulations, many people never make it to that
point. They blame there system, there wife, there data, there dog ...
A few sugestions, if I may:
1) Don't just vent here, wright down your thoughts, reasons
for entry & exit, market conditions (Dow, S&P, etc.) in a log for each trade.
2) If possible base your exits on the same indicators as your
entries. If not possible use a mechanical system such as parabolic stops to
exit, this removes the descretion. (If you need the formula I can send it).
3) Never look back while trading. Each trade is unique.
Review them to learn but not influence the next.
Thanks for sharing your day with us.
Good luck and good trading,
Ray Raffurty
|