If you find yourself repeating self-destructive behavior over and over again in the markets ie. breaking rules, pulling stops, not pre-defining risk before placing a trade, chasing entries, and not understanding why, this will help.
Its due to your belief system.
You do not believe that those things are necessary to accomplish your objectives.
You'd be right.
Because what you THINK your objective is, is almost certainly not your TRUE objective. You are deluding yourself. If your TRUE objective was to keep your drawdowns controlled, then you would ALWAYS trade with a stop loss, cap your risk per trade and always pre-define your risk. How else could you possibly achieve your goal?
If your TRUE objective is to make as MUCH money as possible right NOW then keeping your risk capped to 1% of account equity would make zero sense. Capping risk would be a hindrance, it would be impossible to achieve your objective if you did.
You get exactly what you want... and then the inevitable drawdown hits and it blows you up.
If your TRUE goal is being right. Then you should absolutely pull your stop. Because if you stop out, you are admitting that you were wrong. The only way you can be right is by pulling the stop, holding the loss and hoping it goes back in your favor.
"Everyone gets what they want out of markets." It's true. If you don't see it yet, you are likely not being honest with yourself about what you TRULY want out of markets.
Anchored VWAP from May & June still holding as support in the Q's. About to test Anchored VWAP from Oct swing high for the 3rd time this year @alphatrends