The podcast is back after a long break! Today, we dig into some of the conventional wisdom and common “soundbites” that are used. You’ve heard these, probably over and over:
Only price pays.
The trend is your friend. Ride your winners
Never add to a losing trade
Never let a winning trade turn into a loser
No one ever went broke taking a profit
You’re only as good as your last trade
Each of these sayings (well, most of them) have a place and are exactly right for certain kinds of trading, but they are also wrong and maybe even dangerous. In this episode, I use these sayings and encourage us to think deeper about trading styles, markets, and what actually matters.
If you enjoy the podcast, one of the very best things you can do for me is to leave me a review on iTunes here. Also, if you like the music for this podcast, then be sure to check out Brian Ashley Jones, my friend, and a fantastic singer-songwriter.
Enjoy the show:
This Post Has 5 Comments
The other problem with “price only pays” – I still have to pull the trigger, I still have to size it right, I still have to have to conviction to ride it till the trend “bends”. I still have to decide (and follow-through) when to scale out or add back in. I still have to deal with multiple losers in a row. So really, how I execute is the only thing that pays.
Yeah any soundbite leaves a lot of things unsaid and sweeps a lot of details under the rug. Very true.
Nice to hear You again ! Thank You 🙂
🙂 Thank you!
so true, I often tell myself “you’re only as good as your last trade”, I suppose I never really thought about what that means. Especially as my trading relies on probabilities, of course I have losers but it’s the accumulation over time that’s important. I knew that and I still hung on to this contradictory saying. Thanks 🙂
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