How to stop bad habbits like "Getting Immature Profits ! "
Hi all,
As a scalper (of course an amateur one) even when I open my positions on Swing Tops and bottoms aiming to get 500 points I am inclined to close my positions just after 100 points profit (as I always do in scalping)
What do you think? How do you describe this habit?
- Primitive?
- Noob?
- Too scared?
- The best money, is the money in your pocket. Do it !
any help would be appreciated...
still up to date
Hi all,
As a scalper (of course an amateur one) even when I open my positions on Swing Tops and bottoms aiming to get 500 points I am inclined to close my positions just after 100 points profit (as I always do in scalping)
What do you think? How do you describe this habit?
- Primitive?
- Noob?
- Too scared?
- The best money, is the money in your pocket. Do it !
any help would be appreciated...
You can't have them all, if you are prepared to risk further to gain larger profit, you may sacrifice you smaller initial profit.
You could use break even and trailing stop loss functions though to lock greater profit, protecting at the same time your back.
A scalper - or any other manual trader - should not watch the trade after it was launched and the tp/sl were set.
As we recognize the human nature and psychology - think about what could be the outcome of someone sitting near a chart where his active trade is progressing? What would he might do until the trade reaches tp/sl? Can he do something positive? I don't find something positive to be done here.
The trade has it's ups and downs - which is the best background for people sitting by their trades to do mistakes (and anything you might ever do now is mistakes) - it is almost can be said that the ups and downs are designed for you as a trader to get involved - and thus lose. So best thing - set an alarm sound when TP or SL reaches - and leave the screen until you hear the sound - because you are the cause of mischief.
Now - can you do that? If not, you are not meant to be a trader. Unless you sit by the screen and do nothing whatsoever - which requires meditative abilities - but then - why sit by the chart if you do nothing anyway? so easiest is just go away. And if you are in romantic mood - give your trade space - and it will come back to you. Don't disturb or try to control it.
Ask yourself really, only you can understand - ask yourself what can be your reason sitting by your trade and watching it convince you once that you are right and once that you are wrong ? what can you help sitting there, and is it not that you can only harm?
If you try to answer that you might start to gather the energy to do it.
* - a step towards achieving that, that would help you a lot - is defining your risk. Once you know how much you are going to lose and are ok with that - you can easily leave the chart.
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Hi all,
As a scalper (of course an amateur one) even when I open my positions on Swing Tops and bottoms aiming to get 500 points I am inclined to close my positions just after 100 points profit (as I always do in scalping)
What do you think? How do you describe this habit?
- Primitive?
- Noob?
- Too scared?
- The best money, is the money in your pocket. Do it !
any help would be appreciated...