Here is the scenario: After meticulous planning and market watching on your part you enter a position. Almost immediately the market moves against you. Be honest now, What do you do? Hit the flat button; Keep calm you have a stop loss in place; Press the reverse button; Leave your desk you can't bear to watch; Look for any shred of info that will confirm your position; PANIC!. Please feel free to be as descriptive as you want! Think of it as release therapy.
TheBramble
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After 'meticulous planning' you don't need to guess what to do next, surely? You're either still in or you've hit your initial stop.
shadowninja
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Depends on your system, really. I am a swing trader so I expect it to go negative but within my stop. If it exceeds my stop, then chances are that I was wrong and it is unlikely to move in my direction after touching my stop.
Mr.J-Arthur
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let the stop do the work
Crap Buddist
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Your moves are against the market.
Ok well as you have mentioned market watching, meticulous etc. I assume you wait until you identify the markets position(ing) for the immediate session you intend to trade?
That shred of info your looking for should be evident before you place the trade. see point above. You dont want to confirm your position as such(politely,its got FA to do with you) but you want/need/should? (its in the traders best interest?) to confirm the markets position,again,before you place any trade. Makes sense?
Of course there will be many traders who through free choice or ignorance/belief bias will not be concerned with knowing the markets position. Some Professors of finance even think its a load of bull! Thats fair enough,(for them, but you?) but if you know the markets position then Ipso Facto you know your position at all times and can position with them.
What the individual needs to supply and apply in the pursuit of knowing is an abundance of dedication, devotion and discipline. It's as hard as that.
All the best.
Ok well as you have mentioned market watching, meticulous etc. I assume you wait until you identify the markets position(ing) for the immediate session you intend to trade?
That shred of info your looking for should be evident before you place the trade. see point above. You dont want to confirm your position as such(politely,its got FA to do with you) but you want/need/should? (its in the traders best interest?) to confirm the markets position,again,before you place any trade. Makes sense?
Of course there will be many traders who through free choice or ignorance/belief bias will not be concerned with knowing the markets position. Some Professors of finance even think its a load of bull! Thats fair enough,(for them, but you?) but if you know the markets position then Ipso Facto you know your position at all times and can position with them.
What the individual needs to supply and apply in the pursuit of knowing is an abundance of dedication, devotion and discipline. It's as hard as that.
All the best.
