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Whenever I enter a new trade, whether short or long term, I like to assume it’s not going to be a good turn out.
I tell myself I won’t be getting it at the best price or time. This keeps me humble so I don’t get too excited about the trade in case it doesn’t work.
I like to err on the side of caution and buy a smaller amount, like 10-25 contracts. This way I can get off the sidelines and into the game.
If I’m wrong, I can pull back and only risk a small amount. If I’m not wrong, I can now go in and add more to a winning position.
The most important thing to remember is to be kind to yourself if you’re wrong. We all make the wrong decision from time to time.
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Image and article originally from thebrownreport.com. Read the original article here.