Dear escape,
You are in winning phase now. So you have to take detailed note of your every entry reasons, holding reasons and exit reasons in a very detailed manner. It will be more helpful in future.I am not asking you to write those here.
Instead of being clueless in some critical situations these notes will make you confident in those situations.
When winning..........successful trading seems more easy and we thought it will be done by everybody. At the same time while we on some failure trades we feel nobody can win in trading and feel clueless about why our trades goes wrong.
I need to say the same to our friend Trader****. But now he is in bad phase of trading.So giving advice now may weaken his confidence.
Best Wishes........
Veera....
Dear Veera,
Thank you for this important advise. I'll try to keep detailed note on all winning trades too.
Following are some changes I have made in my trading (hopefully I'll continue them for long and will benefit others too):
1. I have completely stopped BREAKOUT trades. I only trade at possible retracement.
2. Earlier, I use to trail SL for all EXIT, and there was no defined target. Now for most of my trades, I do have targets and mostly EXIT all lots there itself.
3. No. of lots I trade is mostly 20, so even 1 point move gives me Rs. 1000 (that looks big amount, psychologically) compare of 2 lots with 10 points move.
4. Being higher number of lots I trade now, I'm much serious about trade and look for possible safe entry.
5. For looking for Support level, I ignore already tested levels (tested more than twice).
6. No. of trades are reduced now (although no. of lots are much higher now).
7. In case if I miss opportunity or big move, I'm not frustrated now. Earlier, I use to jump into trade, some time forcefully.
These are
improvement areas for me:
1. Still I have issue with SL, have to learn how to avoid big losses.
2. In case of big move against my trade, have to learn how to EXIT immediately rather than keeping false hope that it will take U-turn and will help me.
Let's hope, I continue profitable trades for long and improve on my weak areas.
Regarding advising our dear friend Trader****, he is much more experienced than me and understands market much better than me at least. He will recover all his losses very soon.
Happy Trading.
Regards,
Escape
