Many great traders have one thing in common. They know when they are wrong and the best ones out there not only know that they are wrong but reverse positions when they know they are wrong.
To recognize when you are wrong not just in trading is one unique strength we like to practice and be better at.
We had a short position from top of the channel but market turned around and made a new high which we then closed out the position and entered a new long with our new target at the 200 ema. Not a big risk:reward as we tend to like 1:4 or higher ratios but we saw the momentum and the target was hit intra-day.
This could have more momentum and if it does we will look for a consolidation period to enter with a more favorable risk:reward
-nvestUcapital
To recognize when you are wrong not just in trading is one unique strength we like to practice and be better at.
We had a short position from top of the channel but market turned around and made a new high which we then closed out the position and entered a new long with our new target at the 200 ema. Not a big risk:reward as we tend to like 1:4 or higher ratios but we saw the momentum and the target was hit intra-day.
This could have more momentum and if it does we will look for a consolidation period to enter with a more favorable risk:reward
-nvestUcapital
