- Letting my winners run
- Getting more aggressive when I see high quality setups
I already have a ideas on improving my weaknesses, but execution of those ideas have been inconsistent. Sometimes I manage to ride my winners but most times I lose my position by getting shaken out or by taking profits too soon. In order for me to improve I need to have clear cut rules for entries and exits. Rules will help me get my emotions out of the picture, so the main thing that I have to do is to control myself and let my system dictate my trade.
Here's an example of a way to ride profits. If I follow my rules the main thing I have to do once I get into my position is move my trailing stop up to lock in profits. Sounds easy but I have difficulty doing this even after trading for a few years. I have to practice this daily until it becomes a habit. I got to focus on the trade, not the money.