Coaches Corner - Don't Marry A Trade | Episode #9
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How to Avoid “Getting Married to a Trade”
- Holding onto a trade when it is not working the way it used to in the past.
- Getting stubborn and hoping, wishing and praying things will turn around and go your way.
- Lack of flexibility.
- Not reacting to the markets REAL moves.
- The mind is “recalling” a previous subconscious anchor (or memory) of the trade.
- We most likely have done this trade over and over with great success.
- We get hypnotized into the installed pattern of behavior.
- The desire to win is strong.
- Our egos come to the surface.
- Be sure you have a rule or two in your trading plan.
- Know your three price points and stick to them – entry, stop loss and profit target.
- Ask yourself a question while in the trade “What’s REALLY happening?
- Review your set-up criteria to see what may have gone wrong.
- Determine WHY the trade isn’t working.
- Better to take a small loss and re-group than to give back hard earned profits.
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