Taking profit way too early!?

Discussion in 'Psychology' started by sjain100, Apr 29, 2022.

  1. stepan7


    You did not read The Book, did you?
    #21     Apr 30, 2022
    SimpleMeLike likes this.
  2. KCalhoun

    KCalhoun Sponsor

    #22     Apr 30, 2022
  3. mute9003


    Better to take profit too early but walk away with profit instead of getting stuck when trade reverses
    Just slowly adjust your exit strategy as you take small profits
    #23     Apr 30, 2022
    SimpleMeLike and KCalhoun like this.
  4. Hello stepan7,

    I definitely did not read the book.
    #24     Apr 30, 2022
  5. In my analytical experience for the last 3500+ trades, reversal to entry after tgt 1 is hit is about 9.1% of the time and then about 88% of the time these select trades go on to tgt 2 and make much more than nothing or what BE would yield. The fear of "getting stuck when trade reverses' often forms in the minds of those that have failed to measure and lacking any knowledge, form an opinion based on ignorance.
    #25     Apr 30, 2022
  6. Poljot


    To milk the cow you need to sit on your hands.
    #26     Apr 30, 2022
    comagnum likes this.
  7. Get a plan and stick to it. Exceptions should be under 1-20. Otherwise your plan is bad. A plan going wrong is valuable feedback, without it you will churn along with a sub-optimal plan for years.

    If you can't stick to your plan, go to paper until you can, then introduce the real pressure of actual money. Repeat until there is no difference, then tackle the issues of sustainability and exceptional conditions, both of which are inevitable.
    #27     Apr 30, 2022
    sjain100 likes this.
  8. stepan7


    It's highly recommended and mandatory reading on WS traders, unofficially of course.
    #28     Apr 30, 2022
    sjain100 likes this.
  9. deaddog


    You should. Just about every sucessful trader I've heard interviewed recommends it. I re-read it at least once a year.
    #29     Apr 30, 2022
    sjain100 and SimpleMeLike like this.
  10. Hello deaddog,

    I will consider reading it.

    Thank you,
    #30     Apr 30, 2022