– Try your best, keep on practicing, decide your stop loss already. Follow that stop loss, regardless of what happened, follow your stop loss. And once you do that enough, you will become a muscle memory. You will become second nature, that you become so comfortable for your next time you can’t do a trade. Yeah, I don’t care about it anymore. Either you touch my profit or you touch my stop loss, then I get out. Then it makes things much more easier for you. You feel that you will have less stress as well, trust me.
– If you’ll keep thinking about a position after you get into it and you think, “Should I get out earlier? Should I get out later or should I not get out,” or whatever. It will add a lot of stress to you, which will affect all the other trades that you do thereafter.
– Okay? So just try your best. Follow your plan. Once you plan on something, and at least as a start, while you are still building up your psychology and handling your emotions, I always strongly suggest have a predetermined stop loss. Have a predetermined profit target. Just follow it.
– And that’s the reason why actually for most other trading platforms, let’s say, for example, in Singapore, we are able to set automated stop loss and automate that profit target. So once we get into a trade, you don’t worry about it anymore, let the system take you out.
– Depending. So in India, do you have actually such a way to have this automated profit target and stop loss?
There is, called a bracket order where we can really find the stop loss and the target.
– Okay. And you are not using that. Is there a reason for that?
– And I was using a LITH, but on that time I didn’t have the proper trading system.
– I was following none of the rest, particularly industrial stock, which was not working on my… Even though I was following the trading system, but it does not work in the way which I expected from that. But that same method is working for index here.
– Okay. Okay. So do you plan to use automated? Because that is one way of helping you be disciplined as well.
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