Revenge Trading

[rxs0005 10]

There is another name for this pattern

 

"Getevenitis"

 

The simple solution to this is :

 

Remember you are not competing with any one

 

Use sell stops and adhere to it

 

The key in this Profession is GET RICH SLOW!! and cautious

 

you can wipe out all your winning streak in one trade

 

Be patient and let winners run cut u r losses FAST there will be other trade opportunities even in the next 5 minutes

 

Analyze your entries and back test them

 

and the most important thing to keep in mind "PROTECT YOUR CAPITAL"

 

if u make 0$ on a day its still a WIN !

 

hope it helps

 

rxs0005

[Uli Schmuli 10]

You need a trading plan. What you have provided is not enough detail to be considered a trading plan. Here are some elements that should be included in your trading plan:

 

Defines The Trend (many ways to do this)

Defines Trade Setups (Which markets, which charts, which indicators)

Defines Entry Triggers (If a setup is present, when EXACTLY do you enter?)

Defines Money Management Techniques (Share size, scaling in, scaling out)

Defines Your EDGE

Defines Targets (both price and S/R areas)

Defines Stops (both protective and profit-locking)

Defines Exit Conditions (if targets aren't hit)

Identifies Times & Days Of Week (when to stay out)

[Kiwi 16]

I'm with Uli. You need to do what he states at a very specific level. You can summarize it down to a page but the specifics need to be somewhere other than floating in your head.

 

I write software and find that when I try to automate any part of a trading strategy I have NEVER been specific enough in my initial descriptions.

 

Two other documents will help.

 

1. Draw up a specific checklist for every trade (I have one for stalking/capture and one for management).

 

2. Draw up a list or mindmap of your errors perhaps grouped by when in a trade they might occur. Include the thinking you notice before any error. Include ideas for negating them.

 

These two documents need to be actively used and amended to be most helpful.