The thing is no one is forever sure.
Even as experienced traders, they are constantly struggling and thinking about okay this trade that I have just gone in, is it going to be profitable for me?
No one has any idea but the bottom line is after doing all my analysis I think there’s a more than 50% chance of that happening, therefore I take it and then once I take it, I risk manage by having a stop loss, by sizing my position correctly.
After that what I do is I let the market tells me whether the market wants to give me the profit or the market wants me to take a stop loss.
So leave that out of your control once you have decided the three parameters, your entry, your profit target and your stop-loss.
Once you get into it, let the market handle everything from there okay.
Don’t worry, you want to every day on a daily basis go and watch whether the price is going higher or going lower, don’t need anymore.
Just let the market tells you when it wants to touch.
At least that’s for the start of the trader’s journey. Over time as you become more experience, you will realize that there are other ways of taking profit, other way of setting stop-loss but I think for your case, at your stage, leave those advanced techniques to later part.
Just focus on the most basic things first right.
So the only way to be discipline, honestly frankly, is to have a process and just follow the process regardless what the market do just follow the process.
Interested to receive mentorship opportunities like this with Philip?
Find out more at traderwave.com/innercircle
Latest posts by Philip Teo (see all)
- You must decide on your profit taking strategy before you enter a trade - October 12, 2019
- [SG Active Trading Tournament 2019] Challenge Other Traders In Singapore’s Biggest Trading Simulation Competition - October 11, 2019
- These are the kind of stocks that you don’t want to trade on - October 10, 2019