Saturday, September 19, 2009
WHERE THERE'S SMOKE THERE IS FIRE!
Been doing a lot of thinking of today and i wanted to do an email post about losing trades. Most traders only talk about their winning trades and how much they made on a trade, that's great but today i wanted to touch on a very important issue: losing trades. If you are a trader then you need to expect losses. It's the reality of trading and it's the price of admission to this game we all love. Managing losing trades will determine your fate and staying power. Today i will not talk about my winning trades much, i already did enough posts about these. Winning trades work RIGHT AWAY....that's the bottom line. Perfect example look at HAR yesterday!! I saw the setup after a member called it out, took a look at it and i said "BUY THIS NOW!!" There was no question in my head HAR was going higher! see chart for details.
NOW ON TO LOSING TRADES: WHERE THERE IS SMOKE THERE IS FIRE!! WHEN A TRADE STARTS TO BUST YOU WILL KNOW IT, YOUR MIND STARTS TO QUESTION THE MOVE AND IMMEDIATELY AFTER YOU WILL GET AN UNCOMFORTABLE FEELING IN YOUR STOMACH AND ANXIETY STARTS TO BUILD AS PRICE ACTION STARTS TO GO AGAINST YOU AND THE PATTERN STARTS TO SLOWLY BREAK AGAINST YOU. AS THIS POINT YOU IN ESSENCE FIGHTING THE TREND AS TREND STARTS TO SHIFT ON YOU.
This requires attention and action! See charts for detailed explanations on losing trade management. Trade like a SMOKE DETECTOR because where there is smoke, there is fire and sometimes as traders we need to bail before the stop loss hits!!
have a great day!
Posted by Stewie at 10:21 AM
- ► 2018 (12)
- ► 2017 (10)
- ► 2013 (29)
- ► 2012 (58)
- ► 2011 (113)
- ► 2010 (319)
- LOWER HIGHS Printing On All Indexes
- Stocks With Accelerating Momentum
- Cool NEW Feature To The Art Of Trading!!!!!
- Art Of Trading Service Performance For Week 24
- FOLLOW ME ON TWITTER!!
- ENERGY Stocks Reversing Nicely
- Energy Stocks Pulling Back
- WHERE THERE'S SMOKE THERE IS FIRE!
- Art Of Trading Service Performance For Week 23
- UUP DOWN, GOLD UP....What Else Is New??
- 84.5% Return In 22 Weeks Of Live Trading!
- THE POWER OF BULL FLAGS!!
- Time For Another Breather
- New Member Makes A $890 Profit In His First Week!!...
- Art Of Trading Service Performance For Week 22
- FOLLOW ME ON TWITTER!!
- Transports Breaking OUT
- Mapping Out The UUP Bear Market
- BUYING BULL FLAGS IN STRONG STOCKS
- The Market Is Getting Ready To Rally
- 75.2% Return In 21 Weeks Of LIVE REAL TIME Trading...
- Three Beautiful Biotech Setups
- Art Of Trading Service Performance For Week 21
- Prop Firms and Getting Around The $25K Day Trading...
- GOLD PERKING UP
- UUP and Goldman Sach's Charts Updated Charts
- DJIA Topping Out
- ▼ September (27)
- ► 2008 (607)
- ART OF TRADING Premium Site
- Charting Trends blog
- Finance Trends bog
- It's Gold
- Keep Unread Blog
- momentum trader
- My Trader Interview
- Mystic Stocks
- NYC Trader
- Rant About It Blog
- stock rook goes pro
- Stock Virtual
- The Market Guardian
- Todds Trade
- trader market blog
- Trader9999 blog
- Trading Momentum blog
- Trading With Average Jay
- Wall Street Warrior