HOW-TO Exit Trades Correctly? Important Lessons Education
Element Solutions Inc.NYSE
Description
⋅ Trading is a game of mental challenges
You don't just need to have a great method
You don't just need a great indicator or an algorithm
What you need is the ability to make the Correct Decisions at the Right Time.
I Executed a Trade on ESI right at the breakout point.
It was a good entry.
Held it long enough
But later lost discipline got too aggressive with SL and moved it BE.
The next day it flew
today it hit my 2R profit target number 2.
Lessons Lessons Lessons
Meanwhile, I held OII through to Target point 2...
In the related ideas below you will See another such trades I messed up. I took Long on NYSE:GAB and got out early. Watch where it is now.
It is very important to execute your trade plan as much as it is important to have a good plan based on a solid strategy.
An Alternative Method of trading this Pattern
I have an alternative method here.
See if you can make sense of this? comment below if you need clarifications
NYSE:ESI
NYSE:OII
NYSE:CBRE
NYSE:GAB