Revenge is never sweet. "Revenge trades are the most costly trade" ....said Chuck Hays.Chuck Hays makes his living in the highly chaotic world of e-mini stock index futures where the difference between fortune and failure can be measured in seconds. During his free time, he has counseled and coached scores of futures traders.
Many retails traders get into the business expecting to make money right away. The irony of this profession is that the more you need to make money to pay your bills, the less likely you can do that. The main reason that trading is difficult to master is that it is the only profession in the world that actually punishes you for non-performance. Furthermore, trading is the only profession in the world where a wrong decision will result in an instant loss of your money. It is absolutely critical to understand that success takes both time and money. Good traders are able to totally divorce themselves from their emotions. These professional traders never let the previous bad trades ruin them.
Chuck will often add to his positions. He even coined new terms for his style of trading : SHADD for short add and LADD for long add. This practice is very controversial because it flies in the face of the long-accepted market wisdom that traders should never add to their losing position. However, rules are meant to be broken when properly executed with highly successful experience.
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