from your comment "exiting where i should" says to me you have pre planned exit point (which is good) but finding difficult to get to that price level while price cycles up and down.
This my experience so far, im no means an expert. I found that entering a trade is easrier to do than holding a trade to your planned target. It takes 100 times the confidence to hold on to trade compared to entering a trade.
Entering is like split second decision and its over.But holding a trade is whole new ball game.
I like to sit at screen and watch my trades every step of the way (this is alot harder by way cause you are open to market illusions) reason for this cause i use disaster stop/losses.
I have find 2 methods that have helped me
1. While in a position and price is running to my primary target (often a Zline). I will focus on my stop/loss only, yes i have target and i remain aware of it. But what i found is if i focus on the target you start riding emotions as price moves forward to your target and then ebbs away. Over period time you get drawn into market illusions. By focusing on the stop/loss you don't get drawn in so easily. Usually you end thinking "give me my target or take my profit." instead of like someone at the horses willing their horse to line.
There is a level emotional resilence required to sit and watch a trade run to a given target. Each time you exprience this it makes you more resilent , tougher. Remember this.
2. Second method is a tool to find what triggers you emotionally. What you do re-run your trade in your mind from entry to exit.
(here is example)
1) entry (how did you feel?) - its a good setup
2) position went in to profit (how did you feel?) -yea go go go
3) position then went moved into negative (how did you feel) - ummm this isnt looking so good
4) position went to 1 pip of your stop/loss? - looks like a loss
5) position jumps up +20 (still 20 pips to go for your target) pips in your favour? PHEW!! that was close one
6) position moves against you 10 pips? - maybe i should take the +10pips cause price almost took me out, i had a narrow escape.
You take +10 pips, come back later and check charts too find price did reach your target.
(so triggers in above example would be step 5 & 6, coming from a negative feeling suddenly back to positive and then slow decline into a negative again. So your goal in next trade is to stay aware of emotional response. If price moves against you then you should be ready for the emotions to start running. Instead getting caught by surprise by it. )
Whats point all this? to show you where your soft spots are. Basically its tool to help you learn what your triggers are. Once you are aware of your triggers you can then do something about them. You know whats coming basically so you brace yourself. Do this enough times and it will become second nature.
I find just been aware of how and when the markets push my buttons is enough for me to over ride the emotions. Like anything in life if you keep practising this you will get better at it. Its a skill.It just take time and practise.
Of course you can avoid all the above just set hard stop/loss and hard take profit(or alert at your take profit area) and walk away from the screen.
Wheres the fun in that?
NB: dont be silly if your up 4:1 on a trade and you only 5-10 pips off your target. You not going to let price run all way back to your stop/loss and give all your profit back, there is a balance here.
onontsira wrote:Still struggling at exiting where I should...
Do you guys have any comments?
(entry was late but ok, should have enter at 0.8972)
There are two forces acting upon us: Suffering pushes us forward from behind and pleasures entice us and pull us forward.