if you switch direction more than once, you are gambling

@jay_malema - 1 month ago - Trading Psychology

Traders always find themselves taking buy, then closing it and switching to a sell, only for them to close again and switch to a buy. To me, I only switch bias once and if after that i still get stopped out, I close for the day. I am of the opinion that changing your directional bias more than one time means you are chasing the market/gambling. You have to know when to stop or else you risk blowing your account.

@jay_malema - 1 month ago

So, yesterday I took a buy trade which went up 10+ pips and began reversing so I closed it for 5 pips. I then switched direction and opened a sell trade and it went down for another 10 pips before suddenly returning and blowing my SL. I had to stop trading for the day because I didn't want to switch bias more than once.

@randolf_mercer - 1 month ago

I wish traders could think of themselves as hunters with limited firepower. They should imagine they have two bullets: one for by and one for sell. The bullets should be used carefully and once exhausted the hunt is over, no chasing the market.

@yokoyi - 1 month ago

Makes sense, switching bias more than once just means you are unsure of what to do and are running after direction

@sandy20 - 1 month ago

Beginners need to hear this, if I had known this it would have saved me many losses

@israeljasspu - 1 month ago

Gbam