Top vacation cities in the us on Studying price action-or trading itself, for that matter-is never about how to have reaped the maximum amount of profit from a certain situation; that is a pointless goal and quite undoable in practice. The only task of relevance, for any student trader, is to first develop an edge in the plan of attack, so as to come out ahead in the game; once this is accomplished, the sharpening of tactics and the honing of skills are just a matter of experience, as is the case with any other endeavor and profession in life. As taken up in Chapter 6 on Manual Exits, valid bailout options are the news report exit, the exit in resistance and the exit on a reversal development, like the break of an M or W-pattern middle-part. The first two should already be on the radar prior to taking position; the latter is always a function of a price technical development adverse to the open position (reversal exit).
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Before we dig in, allow me to again call up the list of common trading mistakes that we came to address at an earlier stage. With now more practice behind us, some of these errors may hardly need mentioning, but it's good to realize that no folly is ever the sole prerogative of the 212 Chapter 8 Recap Part I less savvy in the field. When capital and ego are at stake, even the most experienced and stoic of traders are never fully safe from the powers of delusion.
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