So what if both stop out? Stop outs are a necessary part of this game. If you focus on them you’ve been beat before your got out of the gate. Hopefully, you’ve managed your risk appropriately on those trades and you move on to the next trade setup. Whats the big deal? The only thing you do by checking a trade is creating opportunity for doubt or emotions to affect your trade decisions. You can’t do that if you can’t look at a chart. Micromanaging trades is the worst thing you can do. For example, on my EURUSD trade I put it on at noon yesterday and sat through two separate run downs of -30 pips (I had a 50 pip s/l). Just seeing it made me want to second guess myself, bail on the trade, and run home to mommy.
But I didn’t. I stopped looking at the chart, I accepted the fact that what was going to happen was out of my control, but that the trade was put on at a high probability area, and that my risk and reward was already appropriately managed. It required no input from me. So I walked away and let the charts work. I think far too often traders find themselves micromanaging trades… If your trade setup is on a 240 minute chart sometimes it takes days for a tradeable pattern to appear, why then would I expect that I need to manage my trade every 8 hours, or even 4, or 1? Should I not expect the outcome of the trade to take roughly as long to play out as it did to set up?
Thus, we can deduct that us checking our position twice an hour is nothing but a fruitless exercise that will do nothing more than create indecision, doubt, and reduce our profit.
+301 pips 6 days into the month speaks for itself. Don’t micromanage guys, if you are a real trader you should trust your methodology enough that you should not need to constantly monitor your trades (at least on that time frame). Daytrading for +5-10’s is a whole different ball game, but the same principals still apply. Know the probable outcomes before your place the trade and don’t second guess your decisions once the trade is on. Accept the outcome of the situation you willingly put yourself into.
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Cheers!