Getting out of a trade that has gone against you and taking a loss at the right time is just as (maybe even more) important than being able to exit with a profit.
Good idea, hopefully this will work for you! Of course things always do seem easier when we plan them out, but not so easy when it comes to following through.
That is so true, best laid plans and all that...i do think having your plan and knowing what to do and when its just key to follow it through even when things dont seem to be working even though thats part of the plan
Couldn't agree more. I have fell victim to this in the past. That's why stop loss and take profit levels (ie. a plan). is so important.
%% Good points. especially since a bear bottom area can easy take 2 months to form. SPY benchmark for example
Trading is a skill that takes time to master, but once aced, it can be a brilliant way to profit. It is a game of probabilities - if you do not have a technical edge you will produce inconsistent results.
The market is engineered It should be noted where effort has been invested It should be noted where effort has been invested and the effort has gone down the drain Price levels liquidity
They are so key, price levels and liquidity are the pillars of trading before any indicators or strategies are used