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ramon wrote:
>
> Hi Pete
>
>
> This is a good post.
>
> I'd one more element to the trading plan:-
>
> Management of the trade once we are in.
>
> In a sense getting in is easier than.....
>
> .... knowing what to do once we are in a trade
> and it is moving in our favour. We are faced constantly
> with the question:
>
> "do I get out here or does this trade have much further
> to go."
>
> We usually perceive this question to be even more
> important if we are 1 lot traders.
>
> For me what is important is to formulate a strategy
> and then to apply it consistently; this is especially true for
> the 1 lot trader. If our strategy is to take profits a
> a certain level, and we miss some "blue sky" profits, we'll
> make that up on the occasions that we'd have been stopped out
> had we not taken profits. The reverse is also true.
>
> > That's it. No big deal. Let's all just get out there and do it.
>
> Ah but that's the rub. I like to say that trading is simple but not
> easy. It's simple because the roadmap to success is clearly laid
> out; it's not easy because following that map is difficult. It's difficult
> because winning psychological paradigms are acquired in a ways that run
> contrary to the practices to which we have been accustomed.
>
> regards
>
> ray
>
> R Barros
> 101/25 Market Street
> Sydney NSW 2000
> Australia
>
> Voice: 61 2 92673470
> Fax: 61 2 92673478
> E-Mail: rbarros@xxxxxxxxxxxxxxxxxx
Ray,
I couldn't agree with you more. The part about one lot traders and
leaving "blue sky" profits on the table was great but the best part was
when you reminded us of those times that we would have been stopped out
with a loss had we not taken the profit.
Too bad getting out of a trade isn't as simple as getting in!
Pete
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