Feeling guilty on missing a trade - Page 5
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  1. #41
    Join Date
    Nov 2013
    Posts
    16
    Believe me, one of the best things Ive done. I found I literally changed my opinion several times per day, which helped me ask myself the right questions. I learnt so much from that notebook.
    I would recommend googling for tips on keeping a professional journal, not strictly a trading one. Words words and more words will help you understand your goals, not TP 120, SL 80, entry 90. The second type of journaling barely helped me at all...

  2. #42
    Join Date
    Dec 2015
    Posts
    384
    Quote Originally Posted by aakhabaev View Post
    Believe me, one of the best things Ive done. I found I literally changed my opinion several times per day, which helped me ask myself the right questions. I learnt so much from that notebook.
    I would recommend googling for tips on keeping a professional journal, not strictly a trading one. Words words and more words will help you understand your goals, not TP 120, SL 80, entry 90. The second type of journaling barely helped me at all...
    That's good advice. Also, I imagine that writing down ideas helps with going back to them at some point to try them out?

  3. #43
    Join Date
    Nov 2013
    Posts
    16
    One of the two strategies I use is actually a strategy I used back in 2014 but abandoned... I went for something completely different after that. Didn't work out for me.
    Then, I found my journal from back then, and started re-modelling and re-creating... And bang, I trade something differnt now, but that old strategy was the basis on which I built

  4. #44
    Join Date
    Dec 2015
    Posts
    384
    Quote Originally Posted by aakhabaev View Post
    One of the two strategies I use is actually a strategy I used back in 2014 but abandoned... I went for something completely different after that. Didn't work out for me.
    Then, I found my journal from back then, and started re-modelling and re-creating... And bang, I trade something differnt now, but that old strategy was the basis on which I built
    That's something that happens often, and it is a great example why one should write down ideas and knowledge they already have. It's interesting to go back to those a few years later and examine them through the lens of the new knowledge one has acquired in the meantime.
    Last edited by dianajs; 02-22-2017 at 06:16 AM.

  5. #45
    Join Date
    Jun 2015
    Posts
    110
    Yes never feel guilty because market works 24/5 . You can avail nay good opportunity some other day or time. This was not a last time you missed. Stay in touch with market you will find many good chances here.

  6. #46
    Join Date
    Apr 2017
    Posts
    5
    Biggest mistake retail traders make is that they focus solely on getting in to trades. Whereas success depend on getting out right.

  7. #47
    I am also of the opinion that one shouldn't get bugged down on failures. If you're feeling really bad, just don't open the terminal for a few days, and you'll understand that trading is not just a hobbie, but actually a way of life.)

  8. #48
    Join Date
    Feb 2017
    Posts
    17
    I agree! Opportunity comes every day. But a smart trader is like a hunter who waits for the right opportunity to trade. One should never jump into a trade because he is hungry for action.
    Remember there’s always another trade, if you are patient enough to wait.

  9. #49
    Join Date
    Oct 2016
    Location
    Devon, UK
    Posts
    330
    Quote Originally Posted by Rsoos View Post
    Biggest mistake retail traders make is that they focus solely on getting in to trades. Whereas success depend on getting out right.

    I like this. It is definitely the exits that make the money - or lose it.

    I always look for two exits from every new position - one is a stop and the other is the take profit. The stop is always entered at a price based on past TA: its a price at which the probability of further price movement in my personal direction is lower than the probability or price moving in the opposite direction. I never trade without a stop nor widen the stop. If the stop is far away from my entry, I reduce the position size so that the capital at risk is kept to a constant and acceptable % of my account.

    I usually don't set a TP order as its not possible to be definitive about a new price at which the probability of further positive movement reduces below 50%, its not just a matter of price level, the intervening new TA is also relevant. So I usually use a fast MA on the charts and get out if price closes on the wrong side: a close on the wrong side usually indicates further negative price movement, but a negative candle would serve equally well.

    None if it is rocket science. That said, I can't understand seeing traders every day placing a stop or closing a trade where price is more likely to move in their direction than against it. I guess this is fear at work, disguised as risk management.

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