Jump to content

Welcome to the new Traders Laboratory! Please bear with us as we finish the migration over the next few days. If you find any issues, want to leave feedback, get in touch with us, or offer suggestions please post to the Support forum here.

  • Welcome Guests

    Welcome. You are currently viewing the forum as a guest which does not give you access to all the great features at Traders Laboratory such as interacting with members, access to all forums, downloading attachments, and eligibility to win free giveaways. Registration is fast, simple and absolutely free. Create a FREE Traders Laboratory account here.

mule1976

Revenge Trading

Recommended Posts

There is another name for this pattern

 

"Getevenitis"

 

The simple solution to this is :

 

Remember you are not competing with any one

 

Use sell stops and adhere to it

 

The key in this Profession is GET RICH SLOW!! and cautious

 

you can wipe out all your winning streak in one trade

 

Be patient and let winners run cut u r losses FAST there will be other trade opportunities even in the next 5 minutes

 

Analyze your entries and back test them

 

and the most important thing to keep in mind "PROTECT YOUR CAPITAL"

 

if u make 0$ on a day its still a WIN !

 

hope it helps

 

rxs0005

Share this post


Link to post
Share on other sites

You need a trading plan. What you have provided is not enough detail to be considered a trading plan. Here are some elements that should be included in your trading plan:

 

Defines The Trend (many ways to do this)

Defines Trade Setups (Which markets, which charts, which indicators)

Defines Entry Triggers (If a setup is present, when EXACTLY do you enter?)

Defines Money Management Techniques (Share size, scaling in, scaling out)

Defines Your EDGE

Defines Targets (both price and S/R areas)

Defines Stops (both protective and profit-locking)

Defines Exit Conditions (if targets aren't hit)

Identifies Times & Days Of Week (when to stay out)

Share this post


Link to post
Share on other sites

I'm with Uli. You need to do what he states at a very specific level. You can summarize it down to a page but the specifics need to be somewhere other than floating in your head.

 

I write software and find that when I try to automate any part of a trading strategy I have NEVER been specific enough in my initial descriptions.

 

Two other documents will help.

 

1. Draw up a specific checklist for every trade (I have one for stalking/capture and one for management).

 

2. Draw up a list or mindmap of your errors perhaps grouped by when in a trade they might occur. Include the thinking you notice before any error. Include ideas for negating them.

 

These two documents need to be actively used and amended to be most helpful.

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.
Note: Your post will require moderator approval before it will be visible.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.


×
×
  • Create New...

Important Information

By using this site, you agree to our Terms of Use.