Traders Laboratory - View Single Post - Down with Mental Stops
View Single Post
  #4 (permalink)  
Old 08-01-2007, 08:58 AM
Nick1984's Avatar
Nick1984 Nick1984 is offline
Nick1984 has no status.

Trader Specs
 
Join Date: Dec 2006
Location: Melbourne, Australia
Posts: 427
Thanks: 1
Thanked 1 Time in 1 Post
Send a message via MSN to Nick1984
Re: Down with Mental Stops

Never walking away from an intra day position is good advice. My first hard lesson which taught me to always have a stop in at all times happened when I used a mental stop. I was long in a position and was going to use a mental stop. I'd drunk around 2 litres of water over the past hour so I was really busitng to go to the loo so I got up and had a marathon slash. By the time I came back to my screen my +8 position was suddenly -11! OMG. Stopped out and then some!

Get in the habit of using hard stops!

__________________
Nick Constantin

Always look on the bright side of life...da da da da da da da da da - Monty Python
Reply With Quote