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Mav01

4,429 Posts.

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28/05/21

09:21

Post #: 53477938
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Originally posted by Elite_Trader: ↑

OT

Morning traders

Below is a post from @TraderGT from back in Feb after getting burnt on PRL

”Even in a crazy good market like this poor game plan and breaking rules can cost you dearly.Best to avoid the flashing lights and stick to your game plan whatever that is.In this game practice makes a good trader and continuous improvement and discipline makes a successful trader. It's not easy, been playing this game 20+ years and days like today make you feel like a mug! Best thing to remember a gain is only a gain when you have sold. You can never find the bottom or the top but plenty of cash can be earnt in the middle. The best traders make a very good living playing the middle!”

As a day trader you need to have a strong mindset & if a trade goes up another 20%-~100% after you’ve sold for a profit then you need to accept that & move on
no good getting frustrated & taking that frustration into the next trade as you’ll likely break some trading rules & walk away with a loss.
The above post from TraderGT is something I’ve worked on very hard this year & I’m happy with taking regular consistent profit in the middle of a trade instead of getting greedy & trying to sell at highs & it’s paying off big time over last 5months.

Safe & happy trading

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Absolutely agree..

Refer to my post in the Aftermarket lounge re trading..

Didn’t pick the bottom or the top but good close enough!!

https://hotcopper.com.au/posts/53473294/single
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