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  1. Default Trading Psychology and Trade Management

    Your trading psychology--its best and worst aspects--reveals itself in the heat of battle, when positions are on that will make a difference to your profitability. If you want to understand the mindsets of traders, watch them at two times: when markets aren't trading and when positions are on. It's when markets aren't trading that we observe work ethic, productivity, creativity, and the ability to generate ideas. It's when positions are on and P/L is moving that we observe focus, discipline, and the ability to act upon well-crafted plans.

  2. Default

    In the last post, we took a look at cognitive processing during the life of a trade. We enter a position when we see a shift in flows, such that there is a waning of buying or selling and evidence that sellers or buyers are beginning to take control. That ongoing updating of odds that a market will move your way doesn't end when orders are filled.

  3. Default

    Rather, there is continued updating of probabilities and an openness to exiting positions if flows shift adversely and adding to positions if odds of success continue to rise. This is the period of trade management: active, real-time decision-making to minimize losses and maximize gains.



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