Hi wlninja,
As I said, my aim is to be net +10 by the end of the day. If first one is a loss, then I will take a second trade. If it is a loss, then I stop for the day. If it is a winner, then I will take a third and final trade, which will mean I am either negative or positive for the day.
If the first trade goes bad, and I analyse it to be because of poor discipline, I might not even take another trade for the day. It means I am not focused, and more like to make another bad choice for the day, or revenge trade.
Getting the mind right is a big part of money management!!
Off to bed now, nearly 1am here.
Cheers,
K.
Quote:
Originally Posted by wlninja
Kermut, Great post about exit strategy and your long term plan.
Question for you and everyone else regarding money management, on a day where the market goes against you and instead of making your 10 pips you have lost 10 pips, do you take the loss and walk away for the day, or keep looking till you find and make back those 10 pips and perhaps even try to then get another 10 pips to come out ahead for the day?
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