Discussion in 'Options' started by trader198, Oct 18, 2012.
100lots, entered last week at 0.23
now at 1.1, still hold
eveything as planned.
oops, here is my position
Good move.... now about an exit
when master the exit, you mastered trading.
I heard vetern sucessful traders say "those know how to enter are just students, only those who knows how to exit either with loss or with profit are masters"
the exit is hard for most people, either in losing or winning. when in losing, people choose to wait too long and hope for come back. when in winning, people choose to fear for the loss of profit and end profitable trade prematurely. Emotial trading leads to plan trashed.
thanks to Martin schwartz 'tight my plan to the post'. I often tempt to book profit, feel itchy. to avoid early profit taking, I shut down my computer.
make myself totally emotionally detached to the trade. when I see the P&L, if the market dips a little, I may sense it as "take the profit and run", so the plan easily goes astray. after I take the profit, and it still goes more and more, I will become emotional, lead to unplanned trades.
I am glad I am doing better and better in handling winning trades.
happy weekend, I know how to book profit.
nice move, but i think it's time to reverse the pos...
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