45. Stop Your Mind From Causing You to Take Profits Too Soon

[tomintroy]

The Tharp study you cited was based on amateur arm chair psychology. To help you understand the folly, lets increase the amounts. You'd you take a 9 billion dollar sure thing over a 95% chance at 10 billion? I think I can guess with 100% accuracy the odds of people taking even a 50 million sure thing over a 95% chance at 10 billion would be.

To someone that has little or no savings, would they risk loosing 9 thousand on a good gamble?

[VanTharpTrading]

Thanks for the kind words about Trade Your Way To Financial Freedom

[FreeFOREXautoROBOT]

I like Forex robot - i got one free

[SilverShamrock71]

This is my major problem, left an overnight £$ on last night, with a tight stop & limit order to sell at a good technical level with good profit, had fully accepted the risk, with a 1:3 R:R, I woke up and it had gone in my favour overnight, then retraced and was hovering about 10 to 20 pips above my entry, so I closed it all out. It then started pushing back in my direction and as I type has just gone past my limit level. I ALWAYS DO THIS!! WHAT'S WRONG WITH ME?!?

[SilverShamrock71]

PS. I had already adjusted the risk down to minimal by partial position exiting, so there was nothing really to lose, the initial R:R was 1:3, but after adjusting was like 1:5.

[SilverShamrock71]

PPS. it's just put in a spike about 10 pips past my limit level, so it would have been a very good, technically sound trade, HAD I LEFT IT ON......

[rsmith1272]

hey Dave I think this is by far is my short fall, get in a trade it goes against me and when

I can make anything Im out. There for after three years of trying to trade the ES still not

making more money than my stop placement. Thank You for all your wisdom!!

[muskokajoe]

The reason you take the $9K is because it is a one time deal. You are not faced with this option everyday for ever.

You do not bet the whole sure $9K that the market may draw to the inside straight and leave you with nothing.

Platitudes rarely have any substance in real trading and your whole video is an example.

[muskokajoe]

Neither you nor Tharp can make a cent trading. So so much misinformation here.

[kestukas777]

Cant find this lesson on your page. Would like to read it, because I am not English, so can not understand correctly.

[yacht4u]

you will find the video response above interesting. It is a song I wrote about traders and the emotions a new trader has... Im sure you will all be able to relate to it. ..I'm not selling anything

[lyalko]

David, what you are offering for free others

charge hundreds or thousands. Your giving to the community is priceless. Be blessed many times over.

THANK YOU!!!!!

[laton0]

i found megapips sytem

todaymarketsignalsdotblogspotd­otcom/

[Johnatany]

Love it man Great info and Good lesson thank you

[panda532]

i bought AIG at $14 and sold it at $19.50 what a stupid move if i held on to it for two more days I could have sold it for $29, my mistake though for not selling it slowly at designated points rather then all at once, learned that lesson the hard way :(

[Nuanceqwest]

You can still make some money shorting it.

[StevoElsupremo]

I cashed out my michellin stocks when I had profit and the day after they dropped

[braileanul]

so what?

you dont say what kind of position you took ... you're a noob

shut up and listen to david

[ongsoegiarto]

Hi Dave, do you have suggetion on which trading platform that should use to trade forex? Currently im using FXCM...

[shawnrulez22]

how did i get from watching drums to watching this????!!!! it makes no sense!!!!

[patriotsundergod]

Dave, I opened QQQQ out of the money puts on Friday, and sold them today for a 31% profit EARLY! I could have made over 100% on that position if I would have just stuck with my exit target. WHY!

[InformedTrades]

Always tempting to grab profits when you have them so I am sure you are not alone in this one. Best Regards, Dave

[jayangli]

@InformedTrades good vids. When shud we take profits? Should we take profits in like weeks or months?

[tomintroy]

@patriotsundergod If your still trading options, just empty your account and send me the money. The spreads, commissions and 'insurance' you're paying are guaranteed to cost you everything.

[patriotsundergod]

@tomintroy

2 years later. Wow, this is the biggest delay I've ever seen. I'll send you all my money all right. Just send me your account number!

[itskaikai]

I would take $10k with 95% success cuz those are good odds, but be careful with greed cuz it I've been burnt too many times by not being content with locking in profits.

[hfarhaan]

Hey Dave, just one more question, which one is more profitable in the market, long term investing or short term trading???? (though long term is good for tax purposes)

[InformedTrades]

Hi hfarhaan, I don't think there is one answer you can give for that as there are short term traders that make a lot of money and there are long term investors that make a lot of money. In general however the majority of traders loose money whereas since the stock market has always gone up over the long term most investors who diversify and stay in for the long term make money over the long term. Best Regards, Dave

[InformedTrades]

Hey hfarhaan, I think the answer to this question depends on the person, their personality, and how much work they put into it. Warren Buffet is a long term investor and is one of the richest people in the world however there are also people who are on that same list who are short term traders. If you are unsure which to pursue I would suggest learning a bit about both and then making a decision as to which best fits your personality. Best Regards, Dave

[hfarhaan]

Thanks for the advice Dave, I have been thinking a lot about both those lines and today's times of high technology has also brought in severe competition. Markets have become absurdly noisy due to huge speculations and an ocean of analyst, ideas, excessive optimism etc etc. Both short term and long term are high risks high returns with an absurd and unfair tax rate favoring long term!!!

[daniel3359]

I love the trailing stop, best strategy ever.