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Fighting the trend |
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By Denise Shull
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March 02, 2009
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As of noon today, we have a trend day down. Now last time I wrote one my tips and tricks it seemed to turn the market but... if that doesn't happen and we continue this way then lots of traders will lose lots of money today fighting the trend.
Why do so many people do that?
- Scared & frustrated that they missed a move and have to get something
- Don't know how to get in on retrace
- Feel unconsciously compelled to prove how smart they are and find the turn
I hope you all - readers of Psych Cap and friends of Trader Psyches - do none of the above.
Remember: you can take a break, you can ask yourself, "Self, what do I really want here?" as a way of exposing your biases and compulsions to drive the market one way or another.
You can also talk aloud to yourself about whatever anxiety the market is creating in you. This should help you hold on to winning trades.
For more of Denise's articles on trading, visit TraderPsyches.com
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