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The latest Messages 6
2022-09-11 08:13:10
Blown accounts are product of the following:
1. You are not managing risk properly
2. Your edge sucks get a new one
3. You are not trading your edge the way it is meant (goes hand in hand with managing risk)
21 views05:13
2022-09-04 12:15:00
So to conclude: I am not against BE. I am against moving to BE for no better reason than feeling a bit more comfortable.
4 views09:15
2022-09-04 12:14:36
4 views09:14
2022-09-04 12:14:07
4 views09:14
2022-09-04 12:13:37
So I've opened paint and scribbled some lines to show you what I mean
4 views09:13
2022-09-04 12:13:06
But this doesn't mean I am against BE.
It simply means I don't think you should use it as an emotional crutch.
Moving to BE should make sense from a price action perspective.
4 views09:13
2022-09-04 12:12:50
So, over time it dawned on me that what works is NOT trying to do what feels comfortable (protect profits) but doing what actually makes sense: moving stops based on price action.
Hence you might have heard me say: "Trade the market not your P&L"
4 views09:12
2022-09-04 12:12:36
However, I found one thing happened time and time again. As soon as I moved to BE, the psychological pressure was off - the "free trade" felt comforting. But the market would often come back to my entry, hit my BE stop and then move in the direction I had been placed.
4 views09:12
2022-09-04 12:12:21
My mentor said, back in the day, that one of your priorities when trading should be to get to BE as quickly as possible so you had a "free trade".
He meant as soon as the market has started to move away from your entry point, move your stop to entry so you cannot lose.
4 views09:12
2022-09-04 12:12:07
A thread on BE
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I'm known for always bashing the concept of moving to breakeven on a trade.
I wanted to quickly clarify my thoughts on this because contrary to what people might think, they're not black and white.
4 views09:12