STICK TO EXIT/PROFIT TARGETS AS SOON AS IT HITS TARGET CLOSE THE TRADE NO HESITATION

STICK TO THE PLAN LET THE TRADE RUN


EMOTIONAL CAPITAL TAKES MONTHS TO BUILD AND SECONDS TO LOSE PRESERVATION IS PARAMOUNT




THERE WILL BE NO SETUP THAT TELLS YOU EXACTLY WHAT TO DO - USE YOUR INTUITION




Monday, 9 April 2012

I just placed a trade in gold from an hourly set up. CS uses a different increment count than my old broker so I incorrectly placed the trade.  How the trade played out was it went in my direction then came right back against me and stopped my to the pip +1 it then fell off a cliff and would have hit my profit target within minutes of hitting my stop!

-14 points

I knew my stop was in the wrong position as I calculated it incorrectly because of the different broker.  The other interesting thing is if I had placed the trade as soon as I saw it even though my stop still would have been incorrect it would have never moved against me by a pip! Hesitation

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