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Old 02-24-2007, 01:02 PM
wsam29 wsam29 is offline
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Re: Arts of stop placment and profit target

You the right idea about moving your stop up the moment the markets gives you a risk free trade. Just work on your mental part of the game.

If you need to smash your fist through a wall, break some key boards, do it, as long as you're not "pissed" at the market, you'll have a clear head to see what the market is actually doing.

But this is my routine, after closing a trade out, win or lose, I take a 10 minute mental break, I do anything else other than watch price action. Surf the net for porn, check email, check this site, do anything else other than watch what the market continues to do after your exit.

Why, I used to have this same issue you are dealing with right now.

Trading one lot is restricting.

What you could also do if you come to terms with it, is have an open target, just a stop in place and the moment the market gives you that risk free trade, move your stop and ACCEPT the worst case is a BE trade in which the market paid for your use of some mental energy.

Now I already have a good idea as to what you may be thinking while in a trade like this. you might think, "I have a profit, I should take it, but what if the market goes against me, I'll lose what I have right now, but, but, but..."

There are many factors other than market related issues that cause you to action or inaction. Just monitor yourself more closely each trade and you'll pick up your habits of thinking.

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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
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