After generating minor profit, I continue to look at the screen to ensure that my profit doesn’t go back to the market hence position gets closed prematurely.
What trading strategy is this?
I try to follow a trend following strategy where I track RSI 500 on a 1-minute chart. On RSI going above 50 I take a long position and on below 50 I take a short position. The intent is to hold the position till the reversal happens above or below 50. However, after seeing some profit I get tempted to book it as market fluctuations at times erase the profits. After closing the position I regret that had I held the position and followed the trend I would have made huge profits. Request you to advise some improvements in this strategy.
This strategy you are using? Won’t work. It’s Las Vegas. Burn it and start here.