I have 3 things that are pain in my trading profits.
1) Buying/Selling at the high/low of the day.
2) Not placing a stop, to get me out if the trade goes against me.
3) Thinking that I KNOW where the next move is.
And usually I do all three at the same time when I KNOW that the market will go up or down, get in at an extreme without placing a stop. And because I KNOW where the market is going and have not placed a stop, when the market goes against me, I'm confident my trade will come back to me and inevitably loose a BUNCH of cash. And this usually occurs after a number of successful trades, thus I start getting that feeling that I really do know where the market is going. Wrong!
I continue to try watch out for these things, but there is something in the emotional me that takes control a just the wrong time to assure that I'm about to give up a number of days profits in one lousy, ill-timed, unprotected trade.
After it happens, I always swear I'll never do that again, but, unfortunately, I continue doing it.
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