What i have learnt is don`t let ur trades be run by emotion.If entry is bad and trade goes against u admit ur wrong and get out.This is hardest for all.
If someone is disciplined he will make money even 1 moment of indiscipline and the trader will wipe off his ledger and work hard for 10 days after that just to breakeven.
Happened with me many times for example.1st december made 8k in banknifty shud have then said bye bye market or put on a defensive guard (Iron condor being my choice).
But i lost discipline entered next day with va va vroom approach no stop losses lost 9k.Back to square 1.
Define ur stop losses at start of day and abide by them.When trade goes against u don`t start praying as there will be 2 ppl who are praying just as hard so A/D ratio is against u.
If someone is disciplined he will make money even 1 moment of indiscipline and the trader will wipe off his ledger and work hard for 10 days after that just to breakeven.
Happened with me many times for example.1st december made 8k in banknifty shud have then said bye bye market or put on a defensive guard (Iron condor being my choice).
But i lost discipline entered next day with va va vroom approach no stop losses lost 9k.Back to square 1.
Define ur stop losses at start of day and abide by them.When trade goes against u don`t start praying as there will be 2 ppl who are praying just as hard so A/D ratio is against u.