Trade What You See, Not What You Think Message Board

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Strategies & Market Trends : Trade What You See, Not What You Think

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To: Threei who wrote (23)	10/15/2000 6:56:19 PM
From: ig	Read Replies (1) of 867

On Keeping Stops Yes, it's one thing to repeatedly hear the warning to "Keep Your Stop!" and quite another to learn the lesson the hard way: by painful experience. I believe there is a fundamental and seldom-addressed reason why newbie traders have difficulty learning this lesson the inexpensive way: they do not yet have enough experience to quickly find a more promising and positive trade with which to replace their current suffering. It's a LOT easier to pull the plug on a bad trade when you know that you are capable of finding a good trade around the corner. For the newbie, the immediate trade always feels like Do Or Die, like it is the only opportunity they are likely to have for quite a while. They invest all of their ego in the immediate trade. The more years I trade, the more patterns and principles I learn, the easier it becomes to reject a bad trade and replace it with a good trade. To a newbie trader, "Keep Your Stops!" and "There's Always Another Trade!" are just words. The truth of these words is learned only by experience. Best of luck in all your endeavors! ig

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