Have managed to keep my losses under control recently with tight stops at key intraday levels. My main issue now is patience. I think I am scarred from my previous trading back in March when I went big with no study or experience. Now I find it difficult to hold and sometimes even get out barely covering commissions without giving the trade a chance.
What I must do to is continue to get entries as close to support or resistance as possible and stick to the risk plan. I should only move risk up or down if there is a significant move in my favour, sit on my hands until my goal is in sight and give the trade a chance. I can accept losses, but I can't accept being right and not making any money as then I will never go from break even to profitable. All of these small wins mean nothing. I would rather stop out for a small loss according to my plan than get out early for a shitty $30 gain when it could have been $300.
If anyone has the same issues please share and discuss.
Posted Aug 06, 16 8:55 AMbyandywilliams
- 30.00 -- KOOLby andywilliams
- 0.00 -- EXASby andywilliams
- 12.00 -- EXELby andywilliams
- 0.00 -- CHEKby andywilliams
- 3.00 -- EBIOby andywilliams
- 30.00 -- MDGSby andywilliams
- 10.00 -- GRPNby andywilliams
- -25.00 -- BINDby andywilliams
- -32.00 -- MDGSby andywilliams
- 6.00 -- PACBby andywilliams
- -37.00 -- EXASby andywilliams
and might help you with your patience issues.
@Jason_Raposo Thanks for the advice! Will try that and let the rest ride. Much appreciated.
@Doncematic Yeh that's the thing, when I lose I also have the added cost of commissions and when I win you can take off around $12 of any profit so my impatience is costing me big time when I have a winner as I need to wipeout losses plus commissions. My commissions are not included here on profitly but I keep a mental note of them and write all my losses in a trade journal. You are right, I should be thinking of this before I decide to take tiny profits next time and try to hold longer.
@OceanRider Good advice! I usually have a price target in mind and more often than not I use previous resistance levels for that but I just don't hold. Might be an idea for me to set stop orders just below each target for, like you said, half the shares and then the exit is taken out of my hands.
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