This document is posted to help you gain knowledge. Please leave a comment to let me know what you think about it! Share it to your friends and learn new things together.
Transcript
There is no perfect time to bank your
profits
Many people simply focus on the trading setup and how to enter the trade
http://www.netpicks.com/day-trading-books/
Think of trading as being an exceptional risk manager first
Are entries important?
Get trade on in consolidation
Give stop wide berth for flushes
…it's probably going to end up being a wasted opportunity for you.
It's impossible to get your exit (or entry)
perfect even if you've done everything right
We never know the right decision until some time in the future after we've made the decision
Big winner turns into big loser
Lead to a trader acting more quickly in taking
their profits in the future
Snatching at profits
More and more trades continuing way past
where they have exited
Rabbit in headlights
No idea whether to hold or exit
Acting decisively when sufficient information is available is a key
attribute of successful traders
Have pre-planned method of exiting trades before you