Avoid the common mistake of early exiting profitable trades
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Saarthi Quote: Tips for Successful trading
It is a common problem for traders to exit a profitable trade early. Ask these questions when you are tempted to exit early while trading a method: What will you do after exiting?
a) Look for another trader: What's wrong with holding your current trade since your trade is still valid & doing well?
b) Feeling concerned about losing the profit: It is possible to lose it in the next trade you enter after booking this profit. What if this trade continues to perform well? If you do not adhere to the rules of the system you studied, it will not materialize.
c) Seeing some signs of reversal? If so, it should be part of your exit strategy.
Trading profit or loss should be calculated over a period of time, not for each trade. Focus on discipline and execution, profits will follow.
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@Prashant Shah This is my biggest problem and I am improving little by developing my pshychology and having exit strategy in place. Thanks to all videos posted by definedge and all other mentors ...
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@Prashant Shah sir, I faced this issue and I am really happy about it because I thought that I have made it just by learning the charts and few systems. But the truth is that the technical analysis is necessary but not the ultimate thing. Execution is the key. Trading Psychology is the important thing. I am lucky to have mentors like you. I started to execute few trades with a stop-loss and with ZERO emotional attachment. That went well and my conviction increased. I am trying to improve with every trade. Saarthi is a very good initiative to improve trading psychology and execution skills.
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100 % agree with you prashant. Its difficult to hold winning position. but with practice and support of you & biren bhai we have achieved it. one system in Renko enters long @ 17310 on 31.3.2023 its still going on. now my TSL is 18439.
My learning is " If one reverse his position(as per system) without checking Profit or loss he only can hold winning position"
kitna dena he ya lena he wo market ko decide karne do, hum to sirf lakir ke fakir bane hue he. -
@Deven Shah It is great that you are aware of this issue and acknowledge it. Nice to know you are working on it.
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@Ravi Shinde Wonderful. I have seen how you have improved in trading and worked on your trade psychology and discipline. Don't let yourself deviate from it.
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@Mehul Bosamia
Kya baat hai Mehul bhai. Well said. Market ko reward decide karne do. Hum sirf risk manage karenge. It takes conviction and practice to hold a successful trade. It is great to see that you have worked on it. -
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@Prashant Shah Thank you Sir
