How do you know when to stop trading for the day??

i stop trading when any of the following happens:

-> it's during times when i don't have a good success rate.
-> i'm unable to focus on trading.
-> i have multiple bad trades; i don't want to revenge trade, and sometimes do.
-> i start forcing trades.
-> i don't feel into it.

seems like a lot of time, right? but i've found most of my money comes from certain time frames, certain types of setups, and certain types of mental conditions. why give back money in other times?
 
I stop for the day when I realize that I'm putting on trades just to put them on.

If you can't sit on your hands, its time to get up.
 
Quote from gimp570:

Do you guys trade with "circuit breakers" when you get down a certain amount you are done for the day. Or up a certain amount you quit. The problem that i have been having is i make money most days but i always seem to have Huge down days...i love being on a winning steak and I hate losing money for a day...i seem to get down and take bigger and bigger risks trying to make back what i lost and it avalanches into a huge losing day. I make money 4 out of 5 days but my biggest days are always my big down days when i seem to lose control. When i am trading well i have no problem stopping for the day and calling it a winner but i just don't seem to have the discipline to walk away from a losing day. I know this is the thing that is holding be back from becoming successful trader and i sure as hell don't need all of the stress that goes along with having huge down days.
How do you recognize when you are losing control of you emotions and walk away from the computer when you are having a down day?
Any help or info is greatly appreciated


cheers

z
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Stop when you run out of money, get margin calls, or get fired. Any one of the 3 and it's time for a break.:D
 
Quote from TraderDrake:

Stop when you run out of money, get margin calls, or get fired. Any one of the 3 and it's time for a break.:D
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Seriously, if you feel anxious or out of sorts, and your P+L is red.

It dosen't have to be a fixed amount. What if you're up nicely for the day? How much do you give back before braking?
:)
 
Quote from samuelg:

i just don't place any new orders if ADX is below 20, but i do watch the market even when i am not trading, meanwhile maybe play a game of chess.
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how do you trade with the ADX?
 
A lot of the comments in here are some of the main reasons why the majority of day-traders never succeed. analyze them objectively and carefully and hopefully you will see why. Enjoy:mad:
 
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