Set a daily target for yourself. Once you hit that target, do not allow greed or high ego enter more trades. When you are well disciplined, then you can control your emotions, whether gain or loss
I have heard this mantra quite a lot and i dont see how this is any different to cutting your winners short. If youre scalping i think you should give yourself a time limit and once you have done x hours you should call it for physical tiredness reasons, but stopping when you have made x pips, i just cant get my head around.
Scalping trades must have reasoning, so there shouldnt be any stress what so ever, and if you do have stress, then your system isnt geared properly to scalping the market at that very moment…
its about taking signals, not shots…
Thats the difference between skill and gambling the market…
you seriously dont fade through the day?
as in mentally fatigued?
No, But i also dont trade from 11:30AMest----5PMest–unless i see a big jump for some reason, going against the evident trend direction and heat map correlation…
Money you really are a total beast!!!
Getting there pipwhip,
168-5 currently, 67% gain, 7 trading days
Ha, all i could think is that looks more like a cricket score!
just an update,
184-5
75% gain
9 days
46 win streak currently ( without the 2 trail slips, it would be 67) before my boneheaded self stopout on wrong trade, SMH
Had alot going on yesterday, didnt really trade, and most like done for today, with FOMC comin up,
Was in good position for the morning US reports, but it didnt make much of a dent till recently, and got trailed short again, missed 36 pips, *shruggs, eye of the tiger, lol…
Crushin it, this is over 8 trading days
Real account
+56%
24-0
Demo account
+92%
192-5
Re: “Okay so when I go on a win streak my ego gets really inflated and I feel like I can take on the world and then some but then I usually end up blowing my gains. What do you do to cope with a winning streak and keep your ego in check?”
Well, repeat the feat one more time in your very next trading session. Then, go and blow the first gain up knowing you have equal amount still stored up in your pocket.
Don’t change your trading strategy. As tempting as it is when you hit a good streak, keeping a solid money management plan in place will mean that when you do eventually hit a loss, it won’t wipe out all the gains you have made