Many traders bet everything and wonder why they lose everything. Trading even daytrading has to be thought through. You must have rules. And never trade without a stop.
Many Times I have traded and said no a stop is dont need one today. Guess what the market turns. I hold on for dear life letting my emotions get in the way. A fast way to lose everything.
Dont trade without a set STOP. Losing a little is alot better thank losing 95%of your account because your to stubborn to close.
A funny story one day trading. I had a very good day. Trading one contract. ESZ7 up $950 . All contracts closed. Went to cook dinner and my screen was blinking. Im like dont understand. It said I had bought a S&P emini long without a stop.
My CAT had pressed a key that I had programmed in to buy a market order with one push. Well by the time I came back the market had dived putting me down over $2000 a huge drop. I livid. Kept the contract till the market 2 minutes before market closed. My emotions telling me it will turn around. Keep in mind I live in germany so 10:12pm my time.That hurt. My cat didn't use a stop. Jk Dont be like my cat. That was the most expensive cat toy I ever bought.
I can tell you this because it taught me a good lesson. Im not out because of it .
Because truthfully I have many thousands more by trading right.
Bought at 1476.25 stop at 1474.25
Sell 1478.25
Filled
$100.00
