trusting the process
Had a good conversation yesterday and it led into the topic of doubt being a roadblock or barricade that can keep us from moving forward. And I was thinking about this in terms of trading and here's what I came up with. First having doubt can keep you from trading in the first place or engaging in any venture that you may deem not worth your effort. Next I was thinking about having stop losses and taking your losses and keeping trading. If you doubt your process of setting stops you will be working against yourself because taking losses is part of the process - if you can't accept a loss then well those losses end up growing. The other part of the process that I see doubt is accepting that the move may go higher. That is, if you have a trade that is going your way the wrong thing to do is to cut it short for a small gain. This would be doubt that your idea will work. The worst part of this is when your idea does work but you are no longer in the trade. Something that I am working on currently is waiting until a target is hit to exit part of my position and instead of just liquidating at a certain price moving my stop to break even and maybe liquidating a small portion of the position. So I am working on gaining trust in my own ideas and negating doubt. The need is to do our best at reading the situation as it develops and not being too bias in one way or another which rules should help handle. Alright, that's my thought. Have a great day or night wherever you are. Cheers!
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