For veterans like u sir it may have become normal to cut loss position and hold on to winners....
Can you throw some light on how to hold on to the winning position and negate urge to exit when in profit.... recently I exited one profitable short trade in Titan, which would have been great trade had I held to it longer...
Of course it can be natural for few to have above trait ....but I am finding it more demanding to hold on to winning position...
Please share your thoughts when you have time
Every experienced trader has been a beginner at the start of his trading career.Even most seasoned traders have greed and fear....but they have trained themselves for controlling those emotions and they are much better capitalised so they can control urge to ring the cash register.One must have a few large winners in his trading.
Any short term trend on the first day it starts but it is slow...on second day it accelerates and on third or fourth day it is a time for atleast a counter trend move....the trend is strong and clear on second day and that is where maximum money can be made by traders.So if you are in the first day, your trade will move slowly and we keep a stoploss at a predefined pivot and let it ride...it will tire us out,frustrate us but we have to hold till the end.In second day the position will move in profit but it will also temp us to book out early and leave large part of the move on the table..yesterday was a day like this in most scrips including Bajaj Finance...in Titan today was a strong second day....here you hold the position till the end and that will give you enough profits to take care of your 3-4 stoplosses and this is a big money day...on 3 rd day it can go in the direction of the main trend in the morning session but here we have to tighten our profit taking stops .The trend is most likely to change in the afternoon session.....here we may have to reverse our positions.One sign of trend exhausting is the market starts making small bars and the swings start intertwining.Then market makes a higher bottom and starts making higher tops in our trading timeframe.
The above is from day trading perspective...swing and position trading are different games...
Smart_trade
