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At the end of the day or night depending on your timezone that's why we are here. Learning, sharing and having great conversations.
Thank you as well
Here's to a bigger boat
I heard a saying many years ago and it was let a trade come to you instead of chasing after one . I try to always keep that in the back of my mind . I have found over the years the less I trade the better I do .
That so accurately true. I try not to take more than two trades a day. Difficult as it may be, it’s the only strategy that gives me a winning week. I am working on cutting Fridays out as well. Four days a week should be more than enough to preserve energy and excitement to trade for the coming week. So far so good. Thanks for the advise. I k ow a wiseman whe I encounter one.
Next thing, you'll be cutting out trading the opening, and then you'll be cutting out the closes, and of course, trading around reports. These are all commonly held shibboleths of beginning traders. Trading is exactly like any performance based endeavor, and that means you have to practice to achieve competency. Are you trading for average, or to make money?
If you lack the skills to trade, then trade to acquire the skills you lack
Beginners always believe that scalping with small stops lowers the monetary risk to their account.
They are wrong.
The proper way to lower monetary risk:
a) Widen your stop to a REASONABLE amount, perhaps start at 1/3rd of the ADR
b) Trade a micro market, not a mini. This reduces point value by a factor of 10
Why?
Because re-entering the trade multiple times because "I was right, just early" is one way to blow up your account. Give your trade enough room to be right, or wrong. That should be the outcome, right or wrong. Not "right, but early".
