When I say longer, I mean days, weeks from intraday. Taking profits when trend is likely to change of course.
That is the thing. I think having smaller gains but, limiting drawdowns will go a long way to keeping your confidence in your trading system. Big drawdowns undermine confidence and lead you to question your abilities as well. It is psychologically, debilitating and you will end up questioning your trading decisions even if it is the right one! I am for tighter stops and settling for smaller gains. If you have an edge, you will still make monies in the long run!
Yes its true. That works but its not enough. On the 26th december I bought the nasdaq and I was incredibly bullish. Why did I do 10 long trades and took profits instead of letting it run, increased contract size and trailed stops? Of course I did not expect it to go this far but still... Its a mix of intuition, calm, focus, and good management. I will get it. Time to think bigger and safer instead of facing pressure many times a day.
Practice #16: tracking and intercepting negative self-talk. Practice#26: using meditation to improve decision making. Practice#27: reprogramming mind trough visualization Practice#32: managing trading stress with biofeedback. Practice#39: Developing self control routines during trading. Could go on.
Are you an intraday trader or swing trader? Intraday means close trades by end of day. Swing meaning hold for a few days
Lol... Im not a begginer. To answer your question im mainly a day trader. Im setting up for longer time frames price dependent.
I'm surprised no developer has made a trading journal that can simulate what the P&L of your trades would be if you moved different parameters around. Holding trades 15% longer, or taking profit earlier. That would be very valuable.