Rookie,
I can’t say I never enter a trade afraid. I do, still do and detest it when I don’t pull a trigger as soon as I see a trade. However over time I have grown less afraid, less fearful that I made the wrong decision. Some of that comes from learning and some of that comes from the head. I am constantly studying charts and reading material about trading and positive thinking.
You can have all the knowledge of how to trade and trade well but if your head isn’t in it, if you scare yourself out of trading it will never happen.
There’s a book I have been reading called “Money Mysteries form the Master”. It is by Gary Keesee. On page 146 Gary writes: “God leads us into pressure to stretch us and to give us a platform for victory and promotion.” He goes on in the same chapter and wrote: “As Joyce Myer says, ‘DO IT AFRAID’.” So I press forward. So I trade afraid.
There is absolutely NOTHING wrong with being HIS. NOTHING AT ALL!!! Heck I know some of Gary’s traders who would like just to get to “H” let alone the “IS”. I know MANY of Gary’s traders who gave up because it was hard. I am more than HIS and sometimes I get an extended trip to be HIH which I am fully expecting on NFLX. Personally I want to eventually get Happy in Italy and if I keep building HIS’s I will get HII! Let me share with you what 38 days of trading mostly HIS and using between $2,800 - $3,200 has yielded just my account (doesn’t include S/O) NOT BRAGGING but I mean this to encourage you to see HIS is GREAT! I have made in 38 days over $45,000.00. This has been only one trade a day and being HIS…YES! Knock on wood…I have not lost 1 trade in 38 days. I really do believe trading with my S/O has helped. We play off each other.
NOW>>>>
About getting out of your trade…Here is a hint… you can practice if you like… concerning getting out of a trade…when you enter a trade write it down. This helps you keep track of where you are in the trade.
My S/O and I use the sheets Gary gave us in the back of our class book. Ours was at the end of the one that had nothing but charts in it. If you do not have any of those, make one. I remodel ours a little to fit us ran it through my Microsoft Excel. You want the following DATE, TICKER, PRICE (of stock), MONTH , STRIKE (CALL OR PUT), BID, ASK, # OF CONTRACTS, COST, PROFIT. I took out percentage on my sheet. I tried to copy it here but it won't work. It is in Excel.
Now on your chart make an extension line on your 55 where you got in. If you prefer a smaller chart to trade on put an extension line on there. IF…IF…IF your candle comes back to that line
CONSIDER getting out of the trade.
Always check your chart to see if it is merely a temporary pull back or if the stock is doing a turn around.
If your candle rises (if you are in a call) or falls (if you are in a put) on the next 55 (or 21) candle bring your extension line to that candle open. If the candle falls below or rises above that line (considering the option you bought) consider getting out of the trade.
Keep doing this every 55 minutes or whatever chart you enter a trade on. I set a timer to go off every 21 minutes so I can look at my chart(s). This helps me keep track. Also the sheet I described helps me know where I got in and when (I write down the time) this keeps me from looking at the $$. If I have hung on most of the day I examine all my charts and most always I am out at least by 3:15 – 3:30. Most of my trades I leave when I see the candle turn and I decide I would rather take my profit rather than risk it.
This is not an always thing however but it happens more often than not.