Let me tell you what I’m talking about.<\/p>\n
You might look at a chart or setup, and see – a valid entry! But, it’s so far away… Well, you don’t see anything else for the week, and people in the forum are posting trade ideas, so you thing that means you’re either looking at it wrong, or not looking hard enough. So what do you do?<\/p>\n
You ever hear people say something like, “If you go looking for trouble, you’ll find it.”? Well, the same goes for placing a trade. Only problem is, you don’t realize it’s trouble until it’s too late. It’s easy to chase the rabbit, but it’s much harder – and takes patience – <\/em>to wait for it to come eat out of your hand.<\/p>\n A weird thing about being profitable with trading, is that we only have to win about 30% of the trades we take. This comes down to how we’re taught to manage risk. We can have 4 losses, and since our risk was managed, one win could clean up the whole mess, while locking in gains on our accounts. This isn’t something to go and test, though…<\/p>\n I remember learning this and wrongfully thinking, “I bet I could get at least 3\/10 trades right, I got this”. So, I placed way too many orders, thinking that the minority winners would sweep up from the other losers. I thought of placing trades like fishing poles; cast as many as you can, something oughta bite.<\/p>\n Only issue was, I kept snagging my lines because I was casting in stupid areas. And those snags added up, more than the few floppers I managed to get in the bucket. In other words, my losses outweighed my gains, which I thought was acceptable…? But the difference was, each time I’d compound a loss, it would chip away\u00a0at my gains<\/em>. I would tip the bucket over, releasing all of my fish, back into the pond.<\/p>\n
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