Rags to RichesQ: What is your typical holding period? Are you conservative,
aggressive?
A: I’m fairly short term.
Q: Did you have some sort of daily, weekly, or monthly pip target
or dollar target?
A: Yes, originally when I started out, my target was simply 10
pips a day. If I achieved that, I would not trade again.
Q: So you would be disciplined enough to close your position?
A: Yes, I would take the 10 pips and stop. If I made it at 10a.m.in
morning or whenever, that would be it, I would be finished trading
for the day and I’ll wait for next day. The reason I’m mentioning
this is because I reached a point, early on in my trading career,
where I was starting to overtrade.
Q: That’s a problem a lot of people face.
A: Yes, I would make the 10 pips and the trade was over, but
then later on I would see another signal and I end up getting into a
new trade that would become a loser. This went on until I realized
that I was really just a 10-pip trader, so I would take that profit,
stop and wait to trade again the following day.
Q: How long did it take you to discover that?
A: It was probably another two months or so into my trading
before I discovered it. I was not looking at the dollar amount, I
was only looking at the pips because I told myself that I needed to