Are you revenge trading ððĪ
Revenge trading!
It all catches us all out at some point in our trading journey's.
The markets don't care about your loss and neither should you!
Losses are a part of trading and have to be accepted.
No one can be right 100% of the time regardless of method used.
Revenge trading will add to those losses and compound that account draw down even more.
Irrational emotions have no place in trading and they are what lead to revenge trading.
The way to eradicate this issue is by going about your trading a logical manner.
First off is build or use a strategy with a known proven edge.
Second is follow that strategy to the letter and only enter trades when all your parameters/confluences are met.
The markets take from the impatient and give to the patient ones.
The example I am using on chart is using a trend following strategy of our own.
This strategy is a good win percentage and I know that as the built in strategy tester shows me all the stats.
As always the report box is at the bottom of the idea showing those very stats.
A 61% win rate means losers still happen and as you will see on the chart the buy trade hit stop loss before price went on an upward trend.
The old trader in me would of been pouring over this chart trying to guess which way will it go?
What should I do enter a long again? That would of paid of in this instance but not the logical thing to have done it would of been luck and luck only.
Who knows with emotions at play would I of had a thought the price was going to head down? Then place a sell order?
Luckily I didn't have to make any of those choices with emotions at play.
I accepted the loss on the fact I know I'm trading a proven strategy and I simply waited for the next trade alert and let probability play out.
The next trade was a short that found it's intended take profit target.
This process is more simpler for those who are using a mechanical trading system like the one on chart.
But regardless of system or approach in use if you are following the trading plan to the letter revenge trading shouldn't occur.
Find an edge, apply that edge, stick to the proven plan and revenge trading won't be your issue.
Instead you'll be one of the patient ones that the market is giving to ðð
------------------------------------------
I try and share as many ideas as I can as and when I have time. My trades are automated so I am not sat in front of a screen daily.
Jumping on random trade ideas 'willy-nilly' on Trading View trying to find that one trade that you can retire from is not a sustainable way to trade. You might get lucky, but it will always end one way.
------------------------------------------
Please hit the ð LIKE button if you like my ideasð
Also follow my profile, then you will receive a notification whenever I post a trading idea - so you don't miss them. ð
No one likes missing out, do they?
Also, see my 'related ideas' below to see more just like this.
The stats for this pair are shown below too.
Thank you.
Darren
It all catches us all out at some point in our trading journey's.
The markets don't care about your loss and neither should you!
Losses are a part of trading and have to be accepted.
No one can be right 100% of the time regardless of method used.
Revenge trading will add to those losses and compound that account draw down even more.
Irrational emotions have no place in trading and they are what lead to revenge trading.
The way to eradicate this issue is by going about your trading a logical manner.
First off is build or use a strategy with a known proven edge.
Second is follow that strategy to the letter and only enter trades when all your parameters/confluences are met.
The markets take from the impatient and give to the patient ones.
The example I am using on chart is using a trend following strategy of our own.
This strategy is a good win percentage and I know that as the built in strategy tester shows me all the stats.
As always the report box is at the bottom of the idea showing those very stats.
A 61% win rate means losers still happen and as you will see on the chart the buy trade hit stop loss before price went on an upward trend.
The old trader in me would of been pouring over this chart trying to guess which way will it go?
What should I do enter a long again? That would of paid of in this instance but not the logical thing to have done it would of been luck and luck only.
Who knows with emotions at play would I of had a thought the price was going to head down? Then place a sell order?
Luckily I didn't have to make any of those choices with emotions at play.
I accepted the loss on the fact I know I'm trading a proven strategy and I simply waited for the next trade alert and let probability play out.
The next trade was a short that found it's intended take profit target.
This process is more simpler for those who are using a mechanical trading system like the one on chart.
But regardless of system or approach in use if you are following the trading plan to the letter revenge trading shouldn't occur.
Find an edge, apply that edge, stick to the proven plan and revenge trading won't be your issue.
Instead you'll be one of the patient ones that the market is giving to ðð
------------------------------------------
I try and share as many ideas as I can as and when I have time. My trades are automated so I am not sat in front of a screen daily.
Jumping on random trade ideas 'willy-nilly' on Trading View trying to find that one trade that you can retire from is not a sustainable way to trade. You might get lucky, but it will always end one way.
------------------------------------------
Please hit the ð LIKE button if you like my ideasð
Also follow my profile, then you will receive a notification whenever I post a trading idea - so you don't miss them. ð
No one likes missing out, do they?
Also, see my 'related ideas' below to see more just like this.
The stats for this pair are shown below too.
Thank you.
Darren
More Info here:
link.team-pow.com/1gN7L3
link.team-pow.com/1gN7L3
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