Registered: May 2012
06-23-12 02:15 AM
Quote from oraclewizard77:
Every time you trade, you need to be focused, have a goal, remember your setups. Wait for your setups. If you lose, don't get emotional, don't revenge trade, wait for the next day to calmly trade correctly your edge.
I made some money this week, but I was scared of giving it back on Friday, so instead of trading with real money, I sim traded, and of course made a profit. I should have realized that if I just set a normal stop, worse case, I would have only given back a little profit if I lost on a trade on Friday.
I think the cause of revenge trading is not being able to take a loss, but its easier to make back your money, if you don't keep digging. Just remember some days, your setups may not work, so don't keep trading on those days.
Have you read Trading in the Zone by Douglas? He would chastise you for not trading on Friday. One must recognize that there is uncertainty on EVERY trade you take--- regardless of the edge that has been proven by your stats-- there is NO REASON TO NOT TRADE simply because you don't want to give it back....completely wrong mindset.