I'm very new to trading and still trying to learn what the heck I'm doing and what I'm doing wrong. Today this trade presented itself and I just want to rant about my fear and inability to let the trade run it's course.
I know it takes time. I know I need to be more patient. Instead of letting my initial trade go the distance, I took profit early, then added a new trade when I saw it was continuing in my direction. Stupid me took the profit from that one early too and then put in a third trade which is when it began retracing. Then the fear of the retracement being a change in direction I closed out of the third trade at a loss which actually wiped out the two profitable trades.
If you have any help or advice for a newbie, please feel free to comment below.
Comments
patterntrader
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First of all, thank you for sharing this wonderful trade setup. Looking forward to see the result.
PippyandPipper
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@patterntrader, Thank you for commenting. If I had only left my original trade alone it would have worked out fine. I need to learn how to manage the fear. Do you have any advice on trading psychology?
Obi-wanClintobe
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Patience is hard for me to dial in too.
PippyandPipper
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@cwagoner78, I've only been at this a few months and it gets so frustrating sometimes. Thanks for commenting it helps a little to know I'm not alone in how I'm feeling.
Obi-wanClintobe
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@PippyandPipper, Keep your head up and stay persistent. You made the right decision. That is half the battle.. The second half is timing. ;) Your winning even though you weren't profitable this time. you will get it down