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Big Thankyou/ Pyschology
Hi Pipsters
Great idea Zak, will be getting up early with my sunglasses on to view your words of wisdom.
It seems that we have all found it difficult last week, I ended up with a small loss and with the market the way it is am going to try and look at some trading with the longer timeframes.
Over the weekend I have read a few articles on greed and fear as a trader, here is a brief summary, all of which i am guilty of :
Jumping in too early, before the markets given a clear direction - Greed.
Jumping into a trend too late - Fear of missing the move
Getting out of positions too early, only to see them continue in the direction you were hoping for - Fear
Staying in positions too long, and watching the markets take back some of your profits -Greed
Closing a position for a loss, only to see it reverse and go back to your break even straight away - Fear
I think its important to sometimes look at our entry and exits to decide whether we are being controlled by the above, or, our stategy/trading plan.
Bloom and Bills post relating to proper record keeping here is very relevant.
Anyway lets all hope for a better run up to Christmas, good luck next week everyone ( luck ????)
Chris
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