Thought For The Day

[flea]

"In all other fields of activity we need to convince people around us that our opinion is correct. In the stock market, it just doesn't work this way. It's suicide to try to trade with this approach. Instead of insisting that you are right, you have to lose your ego and any opinion you have of the market. Just be in tune with what's happening in the moment. If a stock goes against you, then you have two choices. The first choice is that you are right and the market and its sellers are wrong. You think you know better, so you will hold the stock and try to get your way eventually. The second choice is that the market is never wrong. If the market goes against my position, then I am wrong and I have to get out. The first choice is the road to the grave in the stock market. The second choice is the choice of winners. It's not easy to regulate your mindset to think in this way."
Vadym Graifer

 

[Naz]

With the above thought in mind,does anyone use OCO (one cancel's the other) orders or OCA (one cancels all)
Where you put your stop in and your target price and when one price is hit, it executes and cancels the other order.I imagine this would take away all human feelings and one can just walk away and let the market and the software handle the position.

 

[dojistar]

Flea,as Tony Balwin says in Market Wizards The Best Traders Have No Ego.
I am new to this forum and I have got to say it is good to find a forum with Traders leaving posts worth reading rather than rampers who just post total rubbish.

 

[ChartMan]

You'll like it here then Doji- I can't recall us ever having someone ramp on this bb....and if by chance anyone tried such a lame stunt, it would be the last time they would ever visit this bb
Welcome aboard.

 

[neil]

Flea

Great Post Flea. A truism of the markey that is hard to master.

Toby