How to be okay with taking a Stop Loss?

[KCalhoun]

Tru, I broke my rules today to my detriment re don't buy inverses premkt gaps up. Got to follow rules

 

[deaddog]

Tru, I broke my rules today to my detriment re don't buy inverses premkt gaps up. Got to follow rules

Why? What causes a disciplined(?) trader to break his rules?

 

[virtusa]

Why? What causes a disciplined(?) trader to break his rules?

Nobody is perfect. Still have to meet the first trader who never broke any rule.

 

[Pezza]

the only way i can think of to be ok with hitting sl is to make sure your risk managment is right. you can not be right 100% of the time in the forex market but you can follow rules to provent dd and minimise losses

 

[test_user]

My mind is like hey we've taken 300 trades in the past 15 days, all green, why close this one in loss, and then I wait, whereas the whole thesis why I took the trade has been nullified.

300 trades, all wins? I don't think that's credible.

 

[CALLumbus]

So to sum it up I'm trying to ask how did you guys and gals if had this issue got over it, how did you make your mind believe that it's okay to take that small loss, and it's not about the win ratio, but managing the risk, and being able to come back at it later when you have an edge 5-10-15 mins later or whenever that is.

Good Luck!

By trading with appropriate size as a beginner, which is smaller than what you think right now should be appropriate. Trade small enough that 1,2,.... 10, 20 small losers dont bother you at all.

 

[virtusa]

By trading with appropriate size as a beginner, which is smaller than what you think right now should be appropriate. Trade small enough that 1,2,.... 10, 20 small losers dont bother you at all.

I learned that it is better to start small. It is true that it will take longer to become a millionaire, but at least you will not go broke if things go wrong.
Better slowly rich than fast poor.

 

[murray t turtle]

Stop looking at each trade as a winner or loser. Measure your success by whether you follow your plan or not. If you have an edge the money will follow.

%%
Good ;
even though many still have a '' win '' goal. Good plan.
Actually plenty of chart study helps\plenty of times a trend will change big, especially inverse trends,.
HAVE to cut a loss to protect capital.
Another big help for me =its a business expence.NO such thing as a business without expenses; or a business with out of control expenses.......................................................................Good question

 

[CALLumbus]

I learned that it is better to start small. It is true that it will take longer to become a millionaire, but at least you will not go broke if things go wrong.
Better slowly rich than fast poor.

Thats exactly how it is. Never before traders had so much opportunity for testing, preparation, SIM trading... getting into it without too much risk, or with no risk at all.

Sooner or later one has to start trading live, but never before it was possible in such a controlled way, small positions like today. Micro futures, CFDs, QQQs, pennystocks... so many ways to start small.

If I would have to start again I would definitively do it with the MNQ. A daytraders paradise without the risk of the larger NQ.

 

[murray t turtle]

Nobody is perfect. Still have to meet the first trader who never broke any rule.

%%
ITS called being human/LOL. Also, getting in the habit of doing things, like chart study or even numbers in lots of data can help.
Blowing up or grinding down an account can help\that'$ the hard way to learn. I cut a loss today\ good thing i started small\because i had never traded it...................................