Hello Fellow Traders,
I completely agree with Andrew's philosophy of shutting down after reaching profit goal. I, just like many others have kept on trading after meeting my goal and ended up losing money. I think it's human nature to continue doing something that you are doing good at. This stands for many things like a game, or solving a problem, you just want to keep doing it.
It's not always your mind that is driving you to keep going, it's the adrenaline, the thought of making more money and exceeding your goal, and that is all at your fingertips. This is why I feel Andrew is on the leading edge teaching. This career is one that requires calmness and clear thinking, not inspirational decisions based on emotion. Only those who can stay in a calm state of mind and base their decisions on data and what they can have reason for will be successful at this career (you should treat it as one in order to be serious about it).
I could be the poster child for this subject. I had lost a lot of money making inspirational decisions. Not proud of it but I lost over $22k on IQ, it's why I call it the DEVIL. I was a stubborn one and couldn't believe that it took me so long to learn my lesson, to shut down after I met my goal.
Since I have put the practice into action, my trading has been so much better and I have recouped my $22k little by little. I know some lessons have to be experienced to believe. Don't do that with this one. Just think if we all did what we were told without experimenting and finding out on our own. We, or at least, I would be so much better off.
Cheers,
Gary Scicluna