When the money is on the floor - take it!
In this viog I spotted a set up and did not plan to trail. So, the money is on the floor and I take it. Greed and FOMO are not the ways to go.
I share how I use some indicators and price movement to assess the situation before entry. I trade what I see, not what I hear. :))
The most important things in trading:
1. See
2. Assess
3. Calculate if risk is acceptable.
4. Define entry.
5. Decide on exit.
Exit strategies do not have to include a target. I know some people who have missed loads of profits because price missed a targets by about 2 - 10 pips. I call that silly.
The important issue is to have exit criteria, which could be any set of situations on the chart that you define. A 'target' therefore does not have to be a fixed point. In trend-following trading for example there are no targets at all. But there are exit criteria.
But nothing is perfect. If the situation changes and there is doubt about exit, just take the money!
I share how I use some indicators and price movement to assess the situation before entry. I trade what I see, not what I hear. :))
The most important things in trading:
1. See
2. Assess
3. Calculate if risk is acceptable.
4. Define entry.
5. Decide on exit.
Exit strategies do not have to include a target. I know some people who have missed loads of profits because price missed a targets by about 2 - 10 pips. I call that silly.
The important issue is to have exit criteria, which could be any set of situations on the chart that you define. A 'target' therefore does not have to be a fixed point. In trend-following trading for example there are no targets at all. But there are exit criteria.
But nothing is perfect. If the situation changes and there is doubt about exit, just take the money!
FED balance sheet 42% of GDP @ 2020-01-26. Does money have value anymore? [Different perspective on the virus youtu.be/NjTdvALChwk ]
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