Thanks for the great post Macrae.... perhaps as a contrarian, one day we might see a heading that reads "Monkey Sells for X.X".... LOL - I also agree with you on the group think issue and rspect the contrarian view.
It's important for people to understand that there are many different trading styles, each using various techniques, belief systems, trader behaviours/sentiments etc... some trade on astrology, some on charts/TA, others on fundamentals, others on a mixture, some on past history, small margins, set profit targets... etc...
Regardless of trading style, there are common traits that support successful daytrading. Often the connection between traders is via a chat room and online feed to selected brokers - so it is not unusual to make mistakes in early trading, become dejected, follow the crowd, go contrarian, do it alone, fall, learn, rise... There is also nothing wrong with following the crowd.... indeed there are additional security and social benefits... The point is that any of the rules, tips, guidelines provided may be passed on, but as an individual trader you need to commit to what works for YOU.
I am a big believer in taking smaller profits. I once said to someone that I could build a house with lots of small bricks. I might not make as much as others or build the house as quick, but I feel I can reduce my risk, limit my exposure. I garner higher rates of profitability (84% breakeven or profit) and I'm in no hurry. It allows me to wait for pulbacks and retrade (case in point IMI today and PNO yesterday.
It's good to have rules, it's hard to stick to them. The more mistakes you make the sooner you learn to stick to the rules...
