What do you do to stop overtrading / manage trades? | Psychology and Money Management

futures.io - futures trading strategies, market news, trading charts and platforms

Psychology and Money Management

This forum is where successful traders spend most of their time and where struggling traders never visit. The psychology and money management forum is where you learn to become a profitable day trader


What do you do to stop overtrading / manage trades?

  #4 (permalink)

Legendary Market Wizard
Virginia Beach, VA
Trading Experience: Intermediate
Platform: NinjaTrader
Broker/Data: NinjaTrader
Favorite Futures: YM, NQ, MYM, MNQ
Brandenton's Avatar
Posts: 541 since Sep 2016
Thanks: 440 given, 1,027 received

Knowing when to quit, is probably the least talked about subject in regards to trader development, but is one of the most important areas to master specifically for the purpose of account longevity and avoiding being on an emotional rollercoaster. Finding that stopping point is crucial and having something in your trading plan addressing it is an absolute must.

What’s worked for me for the longest time, if I had 2 losers in a row I was done trading for the day. No, if, ands or buts about it. I just had to walk away and most of the times it wasn’t easy. There's that desire to stay and trade, but I can tell you, it saved my account hundreds of dollars if not thousands. There is always another day.

Now a days, If I have 2 losers throughout the trading day, doesn’t have to be in a row, I call it quits.

Visit my futures io Trade Journal Reply With Quote
The following 6 users say Thank You to Brandenton for this post: