Mental snippet for the day
Mental snippet for the Day: seems easy...but...many struggle with it in practice...how do i know...cuz i did it for too long!!!
Lets say you initiate a trade because the market is holding a support level and your strategy is trading the bounce off support to a certain level for your profit objective….Now...if that level breaks, your reason for being in the trade is no longer there…
Take your loss, move on.
Why is that so hard? Because mentally we want to avoid Being wrong at all costs...and this is the major hurdle successful traders have overcome...being wrong is ok...staying wrong is not okay...
When you begin to rationalize why you should give a certain trade some more leeway, you are asking for trouble! this is how account decimating losses start to come into play....
vs having stopped out as soon as the underlying premise for the trade is wrong...you are fine..your alive, your scouring for the next setup...instead struggling traders stay in the trade, and now become much worse off Mentally and financially and have a much harder time recovering...
