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It is not posssible to achieve simultaneous conciousness of all the factors
once in a trade. We do the best we can at the time with all the information
that is available to us. A price target with a discretionary limit, e.g.
plus or minus 1/2 pt., might take take us out of the trade with the intended
profit. This is the be gentle with yuourself or intermediate satisfaction
between winning and losing lesson.
-----Original Message-----
From: BrentinUtahsDixie <brente@xxxxxxxxxxxx>
To: RealTraders Discussion Group <realtraders@xxxxxxxxxxxxxx>
Date: Monday, November 23, 1998 11:46 PM
Subject: Gen: Wrong Lessons for trading.
>RT's,
>
>I had an idea I hope a few of you might get involved in. We have all heard
>(or should have) that we must un-learn many wrong lessons that we have
>learned in life in order to be successful at trading. I'm hoping that we
can
>come up with a list of those lessons for our mutual benefit.
>
>I will start out with what I call the "Hogging it lesson". Occasionally I
>hear my father say "it's just an old fashioned idea to get the very most
>that you can." There are times in our experience when this is true.
However,
>I'm sure that many have had this experience. You set a profit target for a
>position after making a trade, the security goes within a few ticks of your
>target and pulls back so that you don't get filled. You may then compound
>the mistake by holding on until the trade actually becomes a loser.
>
>Brent
>
>
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