Traders Laboratory - View Single Post - Fear of losing unbooked profit due to greed and perfectionism...
View Single Post
  #15 (permalink)  
Old 02-06-2008, 12:35 AM
wsam29 wsam29 is offline
wsam29 has no status.

Trader Specs
 
Join Date: Jan 2007
Location: Toronto, Ontario, Canada
Posts: 227
Thanks: 1
Thanked 4 Times in 3 Posts
Send a message via MSN to wsam29
Re: Fear of losing unbooked profit due to greed and perfectionism...

Not to sound arrogant, but all our issues have solutions to them, just re-read what you just wrote and think about what you just wrote.

Try focusing on what is going good for the trade and not what is going wrong, which can take your profits away and that thought alone creates an urge to action, to take profits.

Dude, it is easier said than done, but its one of the things you must over come to become successful.

You can sorta say, it takes time to mature as a trader, just like in life, look back on how you have changed as a person. It just happened when you finally came to terms with the issues. It either happens or it doesn't, its something you cannot force.

I used to that the same problem, taking profits early only to see the market run. Its at the moment when you have the thought of taking profits, is when you need to acknowledge that thought and refrain from acting on it. The next part is tricky, you gotta come to terms with getting stopped out if it happens, and a "could have taken profits" after thought kicks in.

Because if you don't your next trade will be opposite of what you just did, its a revolving door of getting nowhere fast when you do stuff like that.
Hope this helps.

__________________
Winfred
Life is a comedy for those who think and a tragedy for those who feel.Horace Walpole Doubt all before you believe anything!Sir Francis Bacon
Reply With Quote
The Following User Says Thank You to wsam29 For This Useful Post:
james_gsx (02-06-2008)