1. He takes his losses like a man. You can't win every trade, guys. When your trade doesn't go according to your plan, it is always safer to get out. It is always easy in hindsight to say something like "I should have stayed in," but, would you be saying that if the position you were in continued to go against you for the rest of the day? Next time you think about bag holding, remember this.
2. He doesn't care what you think. The chat room got kind of ugly today when Tim got long CRDS. Let me tell you something... if you are bitching to Tim about a trade he is trying to make, you have a lot of work to do. A key quality of being a good, self sufficient trader, is to be able to trade what you think, without letting anyone else's opinion sway your decision. Personally, when I make a trade, I have a plan for it, and if it doesn't work then it doesn't work. I have no problem taking a loss if I am wrong. More importantly, if I publicly announce a position that I am in, and people start telling me that I am making a mistake... I DONT CARE. I DONT CARE WHAT YOU THINK! NEITHER DOES TIM! Why? Because we are good traders and have confidence in our skill set. This happened to me yesterday when I shorted PBMD and told the chat room. At least 3 or 4 people were telling me I was wrong and that it was a long. I didn't let these people sway my decision because I have conviction in every single trade I make. If I wasn't expecting to be right, I would not have entered the trade in the first place. This is a key quality of a good trader. Once you are able to trade and stick to your plan no matter what anyone else says, you will know that you have made it.
Next time Tim makes a trade that you don't like, all you have to do is not trade it and find something that you personally would rather trade. Simple enough?
Sorry if I am coming across the wrong way. I just didn't like what I saw in the chat today. I am in TimAlerts because it is a positive place to trade and talk to fellow traders. We are all in this together. We have the same goals... so why hate on each other?
Great words of wisdom Ike, thanks. So far I've been more successful with my own trades than following any alerts. May the force be with us.
Thanks just don't promote your ebook on here until you send us a copy to review, email admin@timothysykes.com please
@timothysykes Okay Tim, I will send that to you. I'm sorry, i didn't know anything needed to approved. Please accept my apology - emailing right now!
Thanks Ike, I have planned at least one great trade that could have worked out beautifully, but listened to others and did not execute. Plan your Work, and Work your Plan!
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