1. Good trades are generally winners from the very start. 2. Good trades do not take a lot of thinking about; they are triggered through robust entry signals. 3. Good trades aren’t really stressful. With the right position sizing and entry level it should not cause high stress but instead confidence in your decision. 4. Good trades don’t have to be baby sat and watched for every tick. Good trades can be left alone to work. 5. Good trades are not hard to hold because they are in the direction of the trend for your time frame and get little heat put on them. 6. Good trades hit your price target or trailing stop before your stop loss. 7. Time is on the side of a good trade; the longer you can stay with it the more money you make. 8. Good trades inspire you to stay in them as they become more profitable while bad trades make you want out of them as they lose money. 9. Good trades are psychologically hard to get into because they are generally against the consensus. Bad trades are hard to get out of because you have to admit you are wrong. 10. Good trades make you happy; bad trades make you miserable Hat tip to: Steve Burns
To me, a "good" trade is any trade that fits my trade plan, where I followed my rules perfectly. The result of the trade is irrelevant.
Thank you for this. Just affirming the need for me to stick with my plan. Be patient, the set up will come. Now, whether it goes the way I think, like my mentor says, "the market can do whatever it wants" doesn't really matter as long as I have followed my plan.
I hear you there. But that need to stick with your plan is one which arises after you yourself have proven that it's plan with a genuine edge and appropriate position-sizing. I hope your mentor says that, too.
7 doesn't make much sense since stock market is a lot like gamble in this regard. And holding your assets won't neccesserily bring you a lot of money at the end of the day. You never know what's gonna happen.