How do you close a losing trade?

I would be much more interested in answer to this question:

"How do you close a losing trade when the system is down (broker, exchange...)?”
 
Originally posted by DblArrow


It is also a problem I have. However if one cannot afford to pay the spread, then one is in the wrong game.

I play the bonds, one tick is 31.25, a little more expensive but it can move 5-6 rather quickly. After a couple ticks down I find myself getting "comfortable" with the loss. I "feel" it should come back, so I hope for a retrace to get out, and then lose another 2 ticks. Down 125 I finally hit the market and lose an extra tick. Stupidity. Lately been learning to take the 2 and get out.

Make 'em pretty, Chris
More...

Thats a problem for me as well. I turned a really nice day today into a money maker for IB with one trade. Called correct over 90% today and still didnt make enough to pay the electric bill ( its free in my office). I did go short when I was trying to close a short so I was two contracts the wrong way when the market was moving against me.

Happy to report that I am getting much better at using market orders and my results have improved. Still need to get even better then I believe my trading will go to another level altogether.
 
VERY FAST. The trade is not doing what it was supposed to. Hit the bid, cross the bid, sell at market. When you want out
- you want out.
 
Originally posted by zcar
VERY FAST. The trade is not doing what it was supposed to. Hit the bid, cross the bid, sell at market. When you want out
- you want out.
More...
yes, i agree. i used to sometimes think about this too, but whenever i tried to limit my loss, i just ended up with A BIGGER LOSS. just get out and move on. some may disagree, but..you decide for yourself...
 
Always use a limit. There's no reason not to. You can always make it wide if the market is fast and it will protect you from those mysteriously wide occasional fluctuations in a slow market. Always use a limit order.:p
 
I always' close loosing trades with a margin call. If you trade in a tall building they give out roof passes with every margin call. Hope that help's
 
Originally posted by trade555
I always' close loosing trades with a margin call. If you trade in a tall building they give out roof passes with every margin call. Hope that help's
More...

Helped me laugh a little bit today:D
 
You must log in or register to reply here.
Back
Top