What rules do you live (and die) by. One rule " cut your losses early" still kicks my ass. I have this tendency to hang in when I should close out the trade. If only I could totally conquer this "bitch' , I would be rich as hell.
If that is the last piece of your puzzle, then send me your system and some money and I will trade your acct for you, after having signed a non-disclosure agreement. Of course I get to use the system for my acct too.
No matter how many times you hear it, I can still trace the occasional loss to violation of this most simple of rules.. Trade WITH the Trend -- it really is your best friend, if you like making money trading
Managing a losing position is key to being a profitable trader. Everyone knows how to make money (or else they wouldn't be trading) the key is to manage your position when it is against you. Factors that I use are: 1) market volatility - if the mkt is flying all over the place I am much more comfortable avg. my price 2) Technicals - if all of my indicators that I use to get into the position are indicating that I should be the other way, I look for a pullback to exit the position 3) Risk Tolerance - how much are you willing to lose?? If you are trying to just hit singles you can't afford to give up the home runs just my 2 cents Homer
1. fade the morning gap whenever it is signifigant. 2. trade with the trend. 3. wait for the trade to come to you, never get in "early" 4. scale in and out when possible 5. stick to your plan. 6. if you feel crappy, don't trade. 7. if you have doubts about your trade, don't trade 8. do not trade 12-2 9. do not trade after 3:30 10. study, study, study.
Another one . "Don't average down" They seem to tout averaging down on bubblevision and while it might seem ok for a long termer, I find it's a no-no.