Traders Laboratory - View Single Post - Need help to overcome my greed
View Single Post
  #6 (permalink)  
Old 05-03-2007, 03:28 PM
dalby dalby is offline
dalby has no status.

Trader Specs
 
Join Date: Feb 2007
Posts: 155
Thanks: 0
Thanked 1 Time in 1 Post
Re: Need help to overcome my greed

the answer is simple

you must trade by RULES. once you are in a trade, you are naturally much more emotional. you are monetarily invested, thus you are emotionally invested. logic starts dissipating as does objectivity.

you must have rules. this does not mean you cannot have discretionary aspects to your trading, but you should also have automatic aspects (like sell 1/2 my position at +x and then move stop to whatever).

the vast majority of retail traders fail, and a hyoooge part of the reason why is that they trade emotionally. you can have the most robust setups ever, and impeccable analytical skills but if you do not have exit discipline, you will be doomed almost certainly.

Reply With Quote