A trader shares a rule to stop overtrading: after getting stopped out, you can re-enter the same setup once more, but that's it. Two total attempts max on any pattern. More than three entries counts as overtrading.
Is there times where this sets up, but then this then wicks you out, but it still keeps closing above? Is that still something you would look to take?
I have a rule on that. So let's say I'm going in here having this stop loss, and then I got stop loss here. Then I see the pattern is still forming, still multiple candles bouncing off the candle. That's actually the part of luck in the trading. You might be opening this chart when it's having only one candle that is gonna stop loss you after the next candle. But my rule, if I got stop loss once, I can take it for the second entry. But my rule is maximum 2 attempts on the same setup for me. If I'm doing 3 entries, that's overtrading for me.
