Foolishness update:
Bad week for me last week due to believing midweek that the market would go down over the short-term to medium-term, and therefore doubling up and widening my stops. When will I ever learn? Stops are there for a reason - to protect you!
Even after a 35 point loss in one day (incredibly stupid!), I could have broken even for the week, but I kept trades open while I went out for various appointments and tried to turn the loss into a profit. So I ended with a 30 point loss for the week.
Now I have written across the top of my screen:
- Don't hold beyond one hour.
- Forget about longer-term trends or reversals.
- Don't double up.
- Don't widen stops.
Simple, but I get lured by the prospect of bigger wins even though I win well enough from scalping.
Of course, this approach is only relevant for daytraders, not medium-term or long-term traders.
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