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Hello,
Just want to add my 2c here. Traders that use
a discretionary element in their trading which means those that are not 100%
mechanical or religiously follow a set of rules day-in and day-out need to be
aware of our personal biases that sometimes make us as traders do things
that are not in our best interests.
If overtime you have a PROVEN record of
success in "buying weakness" or "selling strength" based on a set of rules,
setups, indicators, planetary alignments, or whatever, then I need say no more
and you can stop reading here.
But if you are like the vast majority of traders
(me included -and I consider myself a professional) and you are prone to enter
trades that are "gut feel" trades then the first thing you should do is turn the
chart upside down -don't imagine it upside-down, acutely reflect the chart about
the x-axis (you can do it in metastock). If you are looking to buy weakness
ask yourself when faced with the opposite chart if you would be selling
strength?
Still want to do the trade? If you have any
doubts then as my mentor used to say, it is better to lie down for a while and
let the feeling pass.
All professional traders are able to make money
overtime but what makes you a winner (ability to make BIG money vs scraping out
a living) is the ability to keep your so-so trades under control.
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