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Originally Posted by Persiankiwi
....but then came the crash of '87 and i walked away from the stock exchange with serious losses.
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At least you walked and didn't jump! I remember the news around that time, Richard Quest (big smile and bigger teeth!) going into vivid detail, a bit risque for the Beeb at that time
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....i also have the illness of letting losses run (with considerable prayer), and cutting profits short. Precisely the opposite of what i ought to be doing. Also, whilst waiting for the markets to move, i tend to get bored and just do a quick scalping trade for the hell of it. that usually sets the emotional rollercoaster going and is a great way to ruin an otherwise potentially profitable day.
it is difficult to concentrate on a single system. you see something happening and suddenly you get the urge to jump in. you take the jump and zooom, the market reverses.
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I think we've all been there, it takes an awful lot of willpower, giving up smoking was easier. I think you suddenly reach a stage where the penny drops and you scald yourself for being so stupid (not you personally, I'm generalising!), that's what happened with me anyway. One day I suddenly realised that I must be seriously learning-impaired if I couldn't manage to follow a couple of simple rules. When I say to people 'make more than you lose' they look at me as if I'm stupid but when you think about it logically that's what a lot of new traders
don't do, they win a few quick pips on the winning trades and let the losing trades drive a steamroller through their equity, it's not hard to see where
that's going to end
It's all a learning curve I guess, some curves are steeper than others, and some slant the wrong way altogether!
Have fun!
Mick