Lets start this week’s chapter with the story of “rabbit & tortoise” Rabbit & tortoise decided to have a running race. Race 1 : In between the race rabbit slept & tortoise won. Moral of race 1 : You should take continuous efforts to become a successful trader. Race 2 : This time rabbit did not sleep and won. Moral of race 2 : No strategy will work 100%. Accept that fact. Race 3 : Tortoise wanted to win the race & changed the strategy. So it challenged the rabbit to reach the other side of the river. Rabbit ran along the border of the river & took more time to reach the other side. Tortoise just swam across the river & reached the other side. Tortoise won. Moral of race 3 : Select the strategy as per the market situation. Adapt fast when market structure changes. Race 4 : Both rabbit & tortoise became friends. They decided to take turns in winning the races. Moral of race 4 : Success/profit will sustain when there is no or less ego. In trading when your stop got hit, accept it & close the trade. Dont do revenge trading. Think different than other traders to be profitable. Profit does not depend on fancy indicators or techniques. It depends on how you manage your emotions during trading & execute the trade. The rabbit had good speed, but in race 1 it lost because of wrong execution. Similarly a good strategy or good trade set up which is not executed properly can take away your profit. (To be continued next week...)
By the way what'r your view further on LT, will it be a tortoise now or a rabbit?
mayankipsa
⋅
Great article to read.. we made good profit in LT and when it reached from 550 to 530 , we exit.
However we are planning to take another entry into LT as I am sure it will break new highs.