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Help, what should I do here?


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Help, what should I do here?

  #11 (permalink)
lightsun47
Toronto, Canada
 
Posts: 357 since May 2018
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And I will add something quick for you to remember for the rest of your life: DO NOT ENTER TRADES WITHOUT PUTTING STOPS.

I know this person who had more than a million (YES MILLION) dollar account and he blew almost everything out and had a call from broker BECAUSE HE FORGOT TO PUT THE DAMN STOP LOSS.

Never ever trade based on hope. You WILL regret.

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  #12 (permalink)
 
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 bobwest 
Western Florida
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lightsun47 View Post
And I will add something quick for you to remember for the rest of your life: DO NOT ENTER TRADES WITHOUT PUTTING STOPS.

I know this person who had more than a million (YES MILLION) dollar account and he blew almost everything out and had a call from broker BECAUSE HE FORGOT TO PUT THE DAMN STOP LOSS.

Never ever trade based on hope. You WILL regret.

Sent using the NexusFi mobile app

This is generally true, and no one starting out should trade any other way. Most who have traded forever should not, either.

A few very seasoned traders here on FIO have used scaling in and out methods to limit their risk instead of outright stops, moving in and out on the way down or using some other method, or have left the decision to bail out to their discretion at the time. I would never do it, and I think it is a high skill, but I have seen it done. I think it is always necessary to have a disaster/emergency stop even if the trader is managing the trade differently. Disasters happen.

But anyone who is not extremely good and already profitable should stay away from any non-stop-based loss control method, in my opinion.

In any case, limiting losses and controlling risk are essential for any trader, and probably are more important, actually, than the initial trade selection.

Bob.

When one door closes, another opens.
-- Cervantes, Don Quixote
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  #13 (permalink)
Mozart2112
Minoqua Wi USA
 
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Once the edge is gone you should be out... the first loss is the best loss.

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