The agony of unwinding
Of all the aspects of trading, this is the one that bothers and stresses me the most. The most difficult part of trading, in my opinion, is dealing with orders that immediately move in the direction of the trade. I was losing sleep over the challenges of trading. Every time a list comes up that can be traded immediately after entering the market, I want to eliminate this challenge early.
It's not difficult for me to enter a trade, to cut a loss order, to pyramid a position, to exit at a profit at a target level, but extremely difficult to deal with a profit position that hasn't reached the target level.
Confirm exit orders for open positions, similar to opening positions. For every position, there are two orders in the market. One is a limit order, which sets a target price for profit taking. One is a stop-loss order to protect against a reversal. Limit orders and stop-loss orders are closed in one case, and the other is cancelled automatically. All my positions, both orders were present at the same time.
Best Trading Practices
● Study weekly charts only on Saturdays, when the market is closed.
● Browse each market I'm considering trading. In the futures market, we look at both the sequential contract chart of a variety and the weekly chart of the most active contracts.
● Look at the chart only once per trading day, and that's during non-trading hours.
● Only set one entry order per trading day. Once the trading session starts, no more thinking.
● Avoid looking at intraday charts, and avoid staring at the market during the trading day.
● Trade on your own terms without caring about the opinions of any other trader or analyst.
From Trade Sniper
