daytrade diaries... october 5, page-38

Trading tip of the week:

I notice some of you guys set "profit for the day" targets and stop trading. This is ridiculous from a business point of view. If you have a restaurant, do you close once you make $1000, $2000, $5000 for the day? Then why would you stop trading once you have reached a certain target. People are doing the opposite, trading more when they are "stuck, losing trades" and trading less when they are "Winning, making money". It makes no sense at all, trading should not be emotional that way. If I make $5 000 in the first 2 hours, and what do I do? I keep trading, exactly the same way if I lost $5 000 in the first 2 hours. Have a plan, stick to it, dont see money as absolute value, but rather, a trading tool just like a wrench for a mechanic.