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Mike, I will probably never beat the psychological pitfalls ... they still
get me. The key to survival is money management. I am absolutely robotic
about my stops ... I park two orders for every trade - the entry order and
the stop loss order. If the entry is a limit, both entry and stop loss are
fired off at the same time and if the entry is a stop, the stop loss is
fired immediately upon the stop price being hit or receipt of fill. Once the
trade is entered, there are a host of goblins which can cause one to hold
out for profit beyond the target price (greed) or scratch a trade which
looks like it is going bad (fear). Experience and 6th sense are often good
to a trader but they can also cause one to overtrade. The absolute best way
to deal with those pitfalls is to write down the entry, stop loss, and
target and then execute the trade per plan.
Earl
----- Original Message -----
From: "Mike Brett" <mbrett@xxxxxxxxx>
To: <realtraders@xxxxxxxxxxxxxxx>
Sent: Friday, November 09, 2001 1:39 PM
Subject: Re: [RT] Day Trade the emini?
Earl,
I agree with your statement below regarding trading and psychology. What
have you found helpful to guard against the psychological pitfalls that seem
so prevalent for traders?
BTW, thanks for sharing your execution techniques.
Mike
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