It’s very difficult trying to “teach” people not to be greedy.
Human nature ( or at least the human nature you “had” before becoming a trader ) pretty much has “greed” wound tightly ’round your genes, and for the most part – that makes sense. Man finds something that he wants / needs, then he wants more, he needs more, and if only driven by the human instinct to “survive” – he looks to “get more”.
What happens when you wake up the morning after your “discovery” and the “more” you where planning to go back for – has disappeared? Overnight – the watering hole has dried up.
Thankfully you took what you could the day before right? Running home to get that “bigger bucket” (to put all that water in) didn’t work out to well for you did it?
You have to learn to take profits when you see them…as in this crazy environment there is absolutely no guarantee they’ll still be there in the morning.
Kong on the scoreboard with 4% returns on trades initiated Monday – now looking at re entry . As well on the CNBC front I’ve actually been pleasantly surprised this week as…..the floating heads have shown considerable restraint ( as I would have expected them to just say buy, buy , buy ).
I want those talking heads to keep saying buy buy buy… indices keep rallying when people are too bearish.. even though i have no idea if anyone is trading stocks except the algos…
On it goes eh man?!
As suggested…one can only keep taking things day by day, and banking profits along the way!
I’m on high alert for the yen reload at this point. USD trades nice and green.
I’ve reloaded small USD shorts…..still hanging on Yen but man……..talk about stretching this out!
Also back in short AUD/JPY and a couple more pending.
JPY pairs not cooperating, still holding…adding more positions?
Did you see oil jump today on crude oil inventories? Just day after I closed longs it starts to move….usual scenario.
Never fails does it?
I can’t tell you how many times I’ve booked profits on a trade – and watched the thing just keep going in said direction. It’s just a part of trading, and you do your best to catch whatever moves you can.
A bit of cross current here today with Commods / Oil / USD etc….tough to say minute to minute – as one day up , next day down – as the wash /rinse/ repeat continues.
The “retrace” in Yen pairs is just screaming “take another shot”! “take another shot”!
I AM INDEED LOOKING TO RELOAD / CONTINUE with prior suggested trades – YES.
I’m going to start scaling in small yen longs now. Going to set stops with short AUDUSD and NZDUSD positions to protect profits
You da man JSKogs.
Very cool trading.
Great post Kong, I couldn’t agree more.
Our own trading style allow us to be right (fingers crossed) for a certain period of time – the deal is never correct forever as markets change too quickly. We have to learn for how long we are usually right for – then take it. For me, I’ve learned that anything after 1% is risky and have been spanked more often than not trying for more.
Keep it up Kong.
I just fear that many reading here – see the trade alert, possibly place a trade, see things move into profit…
Then expect to get rich!
I can’t teach someone to “sell when I sell” or “move as fast as I do”….or at least not here, like this.
People likely learn time and time again – that the reasons they fail / lose is primarily ( no soley ) based in their own poor judgement.
Wow…..AUD short re entries killing it on AUD data.
short AUD/JPY killing it.
You cant wipe out your bank taking profits … minimise your losses when your wrong and take profit at least partially to stop a profitable trade turning bad … I have a very reliable indicator to help in timing if anyone is interested … its on an MT4 program and when its wrong you can get out fairly cheaply but it is fantastic for a runner …
Gee those aud trades are working out horribly….scored big time on the add