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Co-Wise: How do you improve your trading mindset over time?
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Moo Top joined discussion · Jan 7, 2022 19:47

Execute Exit Plan to clockwork to overcome emotional trap

I do Day Trading. I have to stay calm and execute my trading to plan. This is tough when the action is on and the adrenalin is pumped.

One of my key takeaway is: Always stick to the exit plan regardless of your emotions. I have managed to "psyche" myself over this through repeated daily execution. Sure, I will still feel bad at taking losses or failing to take profits. But trading plan is really about risk to reward management that is acceptable to me.

$Absci Corp(ABSI.US)$ Planned lot size is up to 5 lots. Entered the trade at 9.55 (1 lot). Stop profit set at 10, Stop loss set at 8.5. Averaged in another lot at 9.25. Ticker spike up to 9.93 but just shy of Limit mark. 😔 Stock went down. Reloaded at 8.60. Next moment stock hit stop loss, exit out of trade with loss.

If I looked back at this trade, I may said that "should have exit at 9.93" or "should not average in at 8.60". I think all this can be said only on hindsight (千金难买早知道).

Hence, to improve trading mindset, we need to stay calm, execute trading to plan and accept that hindsight is an emotional trap.
Execute Exit Plan to clockwork to overcome emotional trap
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Moo Top
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