How to let your trade breathe is something every trader should to learn. This is one of the more challenging aspects of trading that our members have shared about the ability to leave your trade alone. But how do you know when to adjust? Watch this!
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00:00 Prevent Overtrading 01:18 M3.4U Trade 02:47 Bullish Market 03:26 P&L 04:17 Hammit Trade 05:20 Let The Trade Breathe 07:39 Bearish 08:12 Delta 09:01 Texas Two-Step Adjustment 10:51 Employee vs. Entrepreneurial Mindset 12:19 Overadjust 14:44 V32 Trade 15:06 Super Bull Trade
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When you are a rules based or a non-subjective trader, it is fairly easy to know when to adjust your trade. The rules tell you when. Unfortunately those rules are not always appropriate for the conditions you are trading. This can lead to losses.
With subjective trading we can identify the market situation and make a better plan .
We teach and encourage subjective traders to always create a trading plan BEFORE they enter any trade. Then follow that trading plan through to the end of that trade.
Do subjective traders always follow their plan exactly?
NO. Sometimes it makes sense to modify a plan based on new pricing information entering the marketplace and feedback from the position.
Sometimes this means letting the trade breath more than initially planned.
With the market changing all the time, being locked into a set of rules with adjustment parameters that are too tight is not good. But changing the parameters can work against you as well.
When traders can get anxious they sometimes break their trade rules in the wrong direction which leads to over adjusting the trade.
Over adjusting can cost a trader their profits and even create losses.
Don’t suffocate your trade. Watch and learn how to let your trade breathe!
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