What stopped you when the price was low? don't let the sudden increase make you rush into the market- learn to control your emotions.
One of the challenges of some traders is that they don't know when is the right time to enter the market. Some traders feels when the market is red it is always a wrong time to get into the market to trade. If the green should only be considered as the best time to enter the market, I think it won't always be a right decision. Going into the market when it is green is just greedy sentiment for trading.
Sometimes when the market is red it can also be a good time to enter the market if carefully watched. Not all green ends up with profit and not all red ends with loss too.
Traders needs to learn when is the right time to enter the market and not to judge when to enter with a particular signal. Signals are unprecedented and may change faster than it's expected.
Good point and advice. However....
.....a trader can't learn how to properly deal with their emotions if, in the first place, they didn't fully experience yet being in the worst trading situation. Learning to control the emotion is already a famous advice but to fully understand the deep meaning of that, a trader should really experience several mistakes on the way. It's not easy to control the emotion as it was human nature. Honestly, even professional traders can't deal with their emotions.
But what matter here is, as long as the trader is serious about pursuing success in trading, controlling the emotion can be managed properly on the way.
Traders needs to learn when is the right time to enter the market and not to judge when to enter with a particular signal. Signals are unprecedented and may change faster than it's expected.
You are right there but didn't you know that determining the right timing, sometimes requires a trial and error? That's the challenge there.
It's easy to say but it's not that simple to execute.
We can't always achieve a 100% success rate in trading but we can make our winning stats more dominant over losing stats.