how to take emotions out of trading
DESCRIPTION
http://www.highvelocitymarketmaster.com/tradetrack/ -- Free Trade Tracker http://www.netpicks.com/trading-article/take/ -- Blog Post When price pulls against your position and challenges your stop, for some people, that can be pretty stressful. Like my friend, many get an itchy trigger finger and close the trade manually. Whatever the plan is for any particular trade, the plan goes out the window and now you rely on emotions.TRANSCRIPT
At 10:16 the next morning,
he sent me the following text:
Consolidating
Rejected The Highs
The trade plan gets ignored
My friend ignored important
price points I gave him
1. Cut Risk
2. Open Trade With No Risk
I gave him the entry
and two exit prices.
Stop goes to break even
if support zone breaks
Zero emotions because
trade is risk free
I would be frustrated if I saw
price go in my favor equal to
risk, did nothing, and then got
stopped out.
Why bother having a plan
if you won’t follow it?
No Risk = No Worry
IDEA: Close partial
when close to stop
Cutting partial lessens
risk and may make you
trade stress free…….
…may prevent you from
letting emotions dictate
your actions
“Hope for the best and
expect the worst”.
Free Trade Tracking Software
http://www.highvelocitymarketmaster.com/tradetrack/