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Good Morning,
Ira, could you expound a bit on the time factor you mentioned as part of an
exit strategy? I assume you mean it to be used when a trade is going nowhere
(or against you), and you would then exit in order to take advantage of
another market's possibilities; a way of not wasting time and missing
opportunities elsewhere if I understand your meaning. If there's more to it
than that, I'd appreciate the enlightenment.
This thread on trading lessons should turn out to be one of the more useful
ones we've seen, at least from the perspective of someone new to trading (or
relatively so). Judging from my recent results, it's apparent that there are
several lessons to be learned on the way to becoming a more consistently
successful trader. Why, just the other day, my broker pointed out that I've
managed to find every possible way to lose money consistently, God bless
him! Better days ahead though, partly due to the information I find in this
forum - keep it coming folks.
Regards to all,
Dennis C.
dconn@xxxxxxxxx
-----Original Message-----
From: Ira <ist@xxxxxx>
To: RealTraders Discussion Group <realtraders@xxxxxxxxxxxxxx>
Date: Tuesday, November 24, 1998 12:58 AM
Subject: Re: Gen: Wrong Lessons for trading.
>One should not use price alone as an exit criteria. there are always 3
>factors. Price, time, and momentum. One will give you the information
necessary
>to exit the trade profitably. Have a good day, Ira
>
>BrentinUtahsDixie wrote:
>
>> 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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