This is a time when many of you think, after a 150 point trade (respecting my TPs), that you have to continue in the market ... some thinking about bigger falls, others about buying the bounce, right?
For me, here are three long-term psychological failures to be consistent:
➡️Overtrading
➡️Too greedy
➡️Chase the price
For me the main move is done, all TPs reached and the probable intraday buy zones have too much risk in this market situation (understanding the market context is very important, and very difficult too)
In fact, first buy zone is broken (15550),and the second is far away (15409)
Therefore the price is in an unattractive zone for me ... in fact look what the price is doing at the last hour ... up and down without clear direction and breaking tight SLs
But in addition to the context, and this is the reason for this thread, I think:
➡️I have made a great trade with more points than usual for a DAX session (day ✅)
➡️the occasion must be very clear in my system to trade again today
➡️I am risk averse, my first objective is always to reduce risk, and contextually there is greater risk to take a position now
In this way I decide to limit myself to meeting my TPs (for that reason I always have TPs and they are usually quite accurate) and only trade again if the option is really clear
It's my way of not falling into the 3 psychological errors mentioned at the beginning
BTW, if you notice ... I don't believe in the typical phrase of "let the gains run and quickly cut the losses"
That phrase is very nice ... but it doesn't help in daytrading
Letting the profits run is equal to a lottery ...
It's not having clear levels where the price can turn around, in the long rin the profits will be lower than always respecting clear and previously studied TPs
Cutting losses quickly is synonymous with not knowing where the idea that gave life to the trade is invalidated
and having zero confidence in the position previously taken ... again lottery
And as I write all this, the price has finally left the 15506/487 zone to precisely 15550, a level that to recover and support brings normality back to the market...
So you can probably think ... what a nonsense Makaveli thread, the long was clear and it was practically free money
If you think that I'll tell you that you have not understood anything of what I have commented in this thread and that consistency in trading is in the long term
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