I know it’s not the right thing to do but sometimes it does pay off!! Many times I’ve placed a trade and it’s bounceback after I have exited the trade!! Sometimes I wonder is it better taking a smaller position and let it ride a bit longer !!what’s your thoughts ??? Cheers Philip
Bad trade. I got a good entry but the trade went against me right away. I did not cut my loss and just held and hoped. Then I sold after it came back, at the beginning of a huge dip. I could have gotten a lot more if I had held a couple of mins longer (about $3K profits) but better safe than sorry. Happy to get out of a bad trade with a nice little gain.
Thanks for the comment! Honestly, the more experience one has, the more s/he realizes those lucky shots are nothing compared to the cozy feeling of being consistent and in charge of each trade (whether its a winner or a loser). The saying "plan your trade, trade your plan" is spot on. If only I could live by it... Long story short, discipline beats lucky shots in the long run.