Loss "Tactics" -- Strategies

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I have been thinking it might be good to share our "worst" faults in trading so we can learn from each other.

Most of the time we focus on the perfect strategy - -and that is good -- but we often forget about the "perfect trader".

The strategy is really only as good as the trader ---

Soooo what one or two things have caused you the most losses ?

For me I have two biggies ---

1. Paniking when the price goes against me -- and getting out too early when the trend is still going my way.

2. Trying to hedge my position -- mmmmm how do you know when to close the hedged position if indeed it gets into profit. That has never worked for me.

Any ideas ?

 

1) Getting out too early. Just this morning I got out about 25 pips too early instead of just leaving my TP on the GBP/USD S3 line. Don't know why I did that.

2) Re-entering after closing a trade.

3) Not waiting for the best set-up. INPATIENCE

 

Good subject.

I am convinced that my trading skills will always fault ANY system I have. The answer ...

1. Build a robot that does what you want. I liken this to grocery shopping when you are NOT hungry. Decide what you want to do in advance, good healthy trading decisions and program it. Then leave it alone.

2. Setup a good trade, use sl and tp, then have a trusted friend change your password for you. Tell him not to give it to you not matter what. LOL

Probably neither of these will work, but my 2 cents.

 

Hi Hoggzilla

Yea human emotion is a key factor -- and perhaps having someone else follow your rules with your money (let them think it is just play money, but they get a commission from anything they earn or something) -- may be the answer.

I have come across 2 top traders so far who have someone else sitting beside them who actually pushes the button -- mmmmmm

A Robot would be fine -- but I think the bottom line is, if we are going to conquer this thing, we have to do it the same way any athlete conquers his sport and ends up in the Olympics --

Train -- practise -- do -- Train some more -- practise some more -- do

Win !! (and in our field "Win" means start earning some decent money and with some hard work, end up rich).

The hardest job ? Training my brain

Thanks Pip Trip for your contribution too.

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