Sandpaddict 

Hi mattz. I have come to respect your answers alot. Question. Curious? So he's underwater and posts asking for help because he doesn't know what the best decision to do here is. Just for clarity because this is ones never really stuck for me and I hear EVERY professional trader say it. The minute you realize oops... do you just close your your eyes and hit the market? I have this (probably false) belief that I if decide I'm on the wrong side and manage it as if I JUST GOT IN I'll be better off. Then set second stop (going to take that one NO MATTER WHAT then manage to get better position out. Of course that will still be at a loss but less. Is this just unsophisticated thinking? I would like to know because I want to change my behavior/beliefs if they will not benefit me long run. I believe I know the answer but for some reason can't wrap my head around. Thanks mattz! Sent using the NexusFi mobile app

Thank you for your kind words. Before I give you my reply, please remember that it is my opinion.
[B]

While I respect that you would want to minimize the loss if you have an entry error, this is precisely how the OP got in trouble. There was an error, and he realized it, then decided to "manage." When you make an error, your next move is not to trade but to eliminate the error. How do you remove the root cause of your mistake by staying in the market? Rhetorical, you don't.

I never call any thinking "unsophisticated"; instead, there is a practical and pragmatical action applicable to a given situation. Any profession has "crisis management," and there could be areas where one's intuition tells one thing(beginners), while practical experience (pros) shows something else entirely. This is why pros have a different perspective.

Lastly, as you know, trading, amongst other things, is the business of decision making, risk management, and focus. It would be hard to apply these elements and expect to come out ahead while in a stressful situation.

Matt Z
Optimus Futures

There is a substantial risk of loss in futures trading. Past performance is not indicative of future results.

mattz 

Thank you for your kind words. Before I give you my reply, please remember that it is my opinion. [B] While I respect that you would want to minimize the loss if you have an entry error, this is precisely how the OP got in trouble. There was an error, and he realized it, then decided to "manage." When you make an error, your next move is not to trade but to eliminate the error. How do you remove the root cause of your mistake by staying in the market? Rhetorical, you don't. I never call any thinking "unsophisticated"; instead, there is a practical and pragmatical action applicable to a given situation. Any profession has "crisis management," and there could be areas where one's intuition tells one thing(beginners), while practical experience (pros) shows something else entirely. This is why pros have a different perspective. Lastly, as you know, trading, amongst other things, is the business of decision making, risk management, and focus. It would be hard to apply these elements and expect to come out ahead while in a stressful situation. Matt Z Optimus Futures There is a substantial risk of loss in futures trading. Past performance is not indicative of future results.

Thanks mattz.

I know for myself, I need find a way to get myself to get out immediately after I realize any kind of mistake, even though I believe I can manage my way out WHILE IN THE TRADE I also, and more so believe over 100 trades it wont work!

But this is one of the ones you CAN get out of my brain says! Boom! I should get out! (This is specifically about after I realized I made a mistake)


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