He did his setup before the trade before he had money on the line. This is the point you are most rational. Once money is on the line it is easy for emotion to set in. Once emotion sets in and you change your rules, midway through the trade, you are going to screw up. Bottomline, stick to the gameplan.
ummmm, what he said I agree 100% Plan the trade, trade the plan. *and yes, it does put a small little pin prick in your side when they get close, but quite to tgt.
ummmm yes, what he said. I agree 100% If I start to take trades early, it becomes a snowball effect (for me). What's to stop me from doing it EVERY trade?? This is a demon that I learned to control (think incredible hulk..lol)- and the way I combat it is to let each trade run it's course, good or bad. Is this 100% way to trade? Probably not, but it's what works for me.
Strange, yes....But this is how alot of investors trade. I will NEVER enter a trade without a preset stop and target. The stop is ALWAYS a hard stop..no questions asked. If I get stopped I can always get back in on a new setup. I look to LOSE 50% of my trades...it's all part of trading (for me).....and I never trade with the P/L window showing. If you see that P/L changing while you are in a trade it may start to mess w/ the mind...no need to add variables that may make you think. As I've said before, the more I think the dumber I get. -G
5/6/09: I'm uncertain about the indexes overall, but I will have a short bias on a few stocks: LVS BIDU INTU
5/6/09: TOO FAST to POST: 9:32 1000 LVS SHORT 11.58 STOP 11.78 TGT 11.18 9:32 1000 LVS EXIT 11.12 P/L +446.56