Went against my own rule & got stopped out on this 1m scalp
Rather than waiting for a 1m close above invalidation I just closed manually as I wasn't going to get stuck in a big green candle if we popped through resistance
When scalping it's all about small losses and killer R:R
Of course I'd never FOMO back in late.
I just wait for my next killer R:R opportunity and have a go.
And then I can add a second position with even less risk and my 1st trade is still valid.
But I'll never fight over and over and over so if stopped here I would be done going against the grain.
If you're a trader --> take profits at predetermined time/price intervals
If you're an investor --> HODL. Shave profit when price goes up, move that out of the asset and reload more with sidelined cash when price goes down.
If you're a trader trying to HODL -->
Then you're not trading and aren't making money.
This is what traders do:
We see price go from A to B and take profits. If you're too greedy at targets then you'll just get out of sync with the market when it goes back against you.
If you're an investor trying to trade -->
You have no business trading. You haven't studied trading you're just impatient. Emotions will constantly f*** with you and you'll likely lose money FOMO'ing in and out of assets and pump chasing
Tips to improve your success in 2021 and reach your goals (small thread):
1. Rely on SYSTEMS, not willpower.
Set up reasonable systems and goals. Be disciplined and follow through. A system is well thought out and often times more successful than spur of the moment judgements
Focus on current habits you can improve, don't look ahead to vague outcomes.
"If I do this, I will make XX amount of money in 6 months."
Instead focus on building better habits now and the results will follow
If you can't fix the habit, the desired outcome won't happen anyway
Always be flexible, don't be stubborn
Set dynamic goals, be willing to adjust them if they aren't working out. Don't force something that will not work for you.
We're all different and must specify our goals to our specific lifestyles.