Comments on: More on ‘The next trade is more important’ http://www.tradergav.com/2006/08/18/more-on-the-next-trade-is-more-important/ Forex,Currency, index and stocks trading blog, be inspired by good trades Sat, 22 Nov 2008 11:48:05 +0000 http://wordpress.org/?v=2.6.3 By: Gav http://www.tradergav.com/2006/08/18/more-on-the-next-trade-is-more-important/#comment-137 Gav Fri, 18 Aug 2006 14:00:31 +0000 http://www.tradergav.com/2006/08/18/more-on-the-next-trade-is-more-important/#comment-137 Michael: Thanks. I have corrected the link. I am reading Cater's book now. And I am going to have a look at Law of Attraction. Have a nice day! :) Michael: Thanks. I have corrected the link. I am reading Cater’s book now. And I am going to have a look at Law of Attraction. Have a nice day! )

]]> By: Michael http://www.tradergav.com/2006/08/18/more-on-the-next-trade-is-more-important/#comment-135 Michael Fri, 18 Aug 2006 13:18:44 +0000 http://www.tradergav.com/2006/08/18/more-on-the-next-trade-is-more-important/#comment-135 Good post Gav. A couple of things may help. Create rules for when and how you can move your stops. I found that moving my stops before being in the trade for an hour was making me miss moves by stopping me out too quickly. I don't know if you saw my links about the "Law of Attraction" but I think this is a classic example. When we focus on not losing we creat losses! It's often better to accept the possiblily of the full 1R loss and then focus on maximizing the gains. It may also help to define your maximum loss for any 1 day. THis is an idea I got from John Carter's book. That's part of his business plan. 3R is my "cry uncle" point. If I lose that much I wind things down for the day and just wait for an "easier day" to try to make my money back... BTW, the link to your original "next trade is more important" post is bad, you need to drop the "trackback" from it. Good post Gav.

A couple of things may help. Create rules for when and how you can move your stops. I found that moving my stops before being in the trade for an hour was making me miss moves by stopping me out too quickly.

I don’t know if you saw my links about the “Law of Attraction” but I think this is a classic example. When we focus on not losing we creat losses! It’s often better to accept the possiblily of the full 1R loss and then focus on maximizing the gains.

It may also help to define your maximum loss for any 1 day. THis is an idea I got from John Carter’s book. That’s part of his business plan. 3R is my “cry uncle” point. If I lose that much I wind things down for the day and just wait for an “easier day” to try to make my money back…

BTW, the link to your original “next trade is more important” post is bad, you need to drop the “trackback” from it.

]]> By: Gav http://www.tradergav.com/2006/08/18/more-on-the-next-trade-is-more-important/#comment-132 Gav Fri, 18 Aug 2006 09:41:54 +0000 http://www.tradergav.com/2006/08/18/more-on-the-next-trade-is-more-important/#comment-132 Richard: Thanks! I am a frequent reader of your blog too.I like the way you prepare yourself to trade. Richard: Thanks! I am a frequent reader of your blog too.I like the way you prepare yourself to trade.

]]> By: Richard http://www.tradergav.com/2006/08/18/more-on-the-next-trade-is-more-important/#comment-131 Richard Fri, 18 Aug 2006 09:29:54 +0000 http://www.tradergav.com/2006/08/18/more-on-the-next-trade-is-more-important/#comment-131 Yeah, theoretically all you need to do is differentiate between two cases: 1) Something is wrong with my trading today, and I should quit 2) I am trading well, and these are just normal losses. But, I find that after two losses, I am in no frame of mind to make that determination accurately. So, I usually have to take a break. I would rather not trade than trade in fear. I have gotten to know your blog over the last few days, and I really like it. Yeah, theoretically all you need to do is differentiate between two cases: 1) Something is wrong with my trading today, and I should quit 2) I am trading well, and these are just normal losses. But, I find that after two losses, I am in no frame of mind to make that determination accurately. So, I usually have to take a break. I would rather not trade than trade in fear.

I have gotten to know your blog over the last few days, and I really like it.

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