Quote from: Bushdark on Today at 09:15:32 PM

Quote from: KingsDen on Today at 12:01:13 PM

Quote from: GreatArkansas on Today at 01:09:12 AM

Quote from: KupaCrypto on August 14, 2023, 10:17:23 AM

(....)
Sticking to the trading plan is also good to avoid unfavourable trade as changing plans in the middle of a trade Can really lead to a loss in trade.

This is a common mistake of new traders. They intend to lose money because they don't have 1 final decision everytime.
Best example is when they open their trade, they don't have a plan like how much is their willing lose on every trade, when is the stop loss, and what is target price.
Some don't have stop loss and they are hoping their entry will recover.

The decision of whether to continue with your trade plan or whether to change plan at the face of adversity is not an easy one to make. I have seen a situation that people opt to sticking with their plan and the losses became too massive. I have also seen people changing plan and later their initial plan became a success. The best thing is not to fall into such a situation but it is not easy to avoid it totally in as much as you are in the market. Sometimes, exiting the market even at loss would be wise instead of taking some emergency and uncalculated risk.
Trading is not for everyone though, I have stopped day trading.

Trading is like graduating from one phase to another. We can't understand every phase like others seem to but what we need to do is to get proper understanding from the stage we are so that we can utilize it in a way that will bring us profits as gambler. Some traders do still know some necessary things they needed to understand very compulsory before they start going into life trading and if we don't work smartly, we can fall out from where we want to see ourselves or from the position we started. We need to avoid and setback as a trade Mr that can bring loses to us at all cost.

Should really be a gradual step and its not something a skill that you could really be able to acquire with just few steps or application or engagement towards the market but this one really involves tons of trades which you
would be able to find out whether you are really that progressive or being that stuck on a certain situation on which you cant really be able to overcome or you do continuously fail. It would really be just that a common approach or reaction that you would really be needing to adjust accordingly.