Option Millionaires

[AiKiXeN]

I always heard the toughest part about trading is selling. I guess that's debatable, but I know I've personally struggled with it at times for the same reasons sdh mentioned earlier:

1) Don't take a loss early enough, which leads to...
a) Loss of more capital than expected or planned
2) Sell too early, which leads to...
a) Kicking yourself for not squeezing more out of the trade

I couldn't agree more that a trader needs discipline, a trading plan, and an exit strategy. These make sense and should help mitigate loss of capital if the trade turns against you. Cutting losses quickly is key to staying in the game.

But if you are too strict with your rules, how will you ever catch a whopper, if say you're always selling at 30%, 50%, 100% (all of which are fantastic returns)? Hell, I would love anyone of these returns...but isn't it funny how when I hit 30%, I'm now holding out for 50%, and then 100%...and then there's a pullback and I have the chance to sell at 80%, then 40%, then 20%, but never do. Doh!

Looks like I need to work on the emotional side of my trading.

Thanks for your thoughts, bruderphillip!