Thanks Pride
Actually this is my entirely own belief that has developed over the months I am trading:
First of all I actually trade based on momentum, volatility and direction...Momentum comes from some momentum based indicator in my case its Woodies CCI indicator, Volatility comes from understanding volume and its flow and the Direction comes from Price Action of the market plus my own personal view from experience that i am good at but still learning
If every thing falls in place i do trade, if not i stay away, many times this gives me false view as i am still learning them..But that take cares of my looses as i keep them minimum
Secondly , due to a training by a Professional trader as mentioned in my post, i try to use a SET AND FORGET STYLE of trading
it means i go by my signal or wait for the conditions to be in my favour then plan accordingly and set realistic targets and stoploss. execute them and relax
But...as having a control of ur trade is a good strategy for succesful trading ...so every hour or so i try to assess my situation and adjust my stops ONLY WHEN NECCESARY
In today's case i will be happy if my stops get hit because that means i am wrong and i have a new trade to do....
I try not to panic when it moves against my direction as i have predetermined leeway to my trade..that is every regular periods i adjust accordingly as being flexible is an art. ( i use ATRs for that)
Actually I believe in this :
"The logic of set and forget trading is this; if your trading edge is present then you execute your edge and do not involve yourself further in the process unless you have previously defined the action in your trading plan. Traders that decide to mess with or tweak their trade once they enter it almost always kick start an emotional rollercoaster that leads to overtrading, increasing position size, moving their stop loss further from their entry, or moving their profit target further out. These actions almost always cause the trader to lose money, the reason why is because they were not objectively thought out, but were influenced by an emotional reaction that was caused by trying to control the uncontrollable."
written By Nial Fuller
Planning like this for last 2 months Mr Pride, really have benefited me lot and my losses have recovered.
I may be rigid in everybody's sense .. but as my GURU says be disciplined and ruthless
So just trying to go his way....
But again thanks Pride...u are a very good man...and ur post are still helpful to me
