How to be okay with taking a Stop Loss?

[twstn]

Hello everyone,

I hope everyone reading this post is doing great in their trading and life in general. This is my very first post on Elite Trader. I had recently come across the forum and lurked around for the past few days, and today decided to join in as a member.

There are many traders out here who are doing great, and I'm pretty sure everyone must've gone through their fair share of ups and downs whilst trying to get through and become a consistently profitable trader.

My question is regarding stop loss. I have an edge in the market, and have been successfully trading for the past 4 years, not any spectacular returns, but helping me to pay the bills and keep at it. I'm a contrarian trader, so when the market rips or dips I take in opposite position and scale in, I have a decent win rate.

My thing is that at times when I take a trade and scale in with few cars trading micro, I see there is a shift/change in the setup, it's nullified. I'll be down $70-$100, and it wouldn't even put any dent on my account or the PnL to take a stop there. But I just can't happen to take the loss, I would let it go against me and then average large at the next level of interest, and make few ticks and come out positive. This has worked 9/10 times, but the 1 time it doesn't work I give back profits for a month or even two, the thing that hurts me the most is that when I'm down small I know the momentum has changed, and I should take the small loss, and then re-evaluate and re-enter later, but I just can't happen to win over my mind.

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. I just can't win over my mind to take that small loss, and that one time when I do lose I curse myself, that I could've been up on the day had I taken the small loss.

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.

Sorry for the blabbing, and thank you in advance to all of you for reading the post and taking the time to answer.

Good Luck!

Trading joke: It is only a loss when you exit the position! When you are still in it, then you are still "trading" it.
Stop Loss is a hard pill to swallow. But it is necessary to prevent going to the nearest financial emergency room.

 

[Overnight]

Trading joke: It is only a loss when you exit the position! When you are still in it, then you are still "trading" it.
Stop Loss is a hard pill to swallow. But it is necessary to prevent going to the nearest financial emergency room.

That's not funny, it is not even a reality. I am living proof of it. Why don't you read my journal, and try to digest the world of the real. I just came out of a 7-week operation with my fingers and toes intact. You have a lot to learn, man. And you better run like hell from me if you think it is not a viable solution.

 

[twstn]

That's not funny, it is not even a reality. I am living proof of it. Why don't you read my journal, and try to digest the world of the real. I just came out of a 7-week operation with my fingers and toes intact. You have a lot to learn, man. And you better run like hell from me if you think it is not a viable solution.

Where do I read your journal?
Sorry to hear about your 7-week operation but I was not talking physical. I hope you feel better.
We all have a lot to learn! And you have a lot to teach so why would I run away from you?
Rock on, man!

 

[Overnight]

Where do I read your journal?...

I will not help you on that. You know where to look. As a sponsor, you should know this. And if you persevere, you will find it. Here's a song to help you on your journey to find my journal. Lord knows, the song helped me on my own journey...

 

[Overnight]

...
Sorry to hear about your 7-week operation but I was not talking physical...

I kinda' messed up how I worded that. I meant a seven-week drawdown, not an operation. I came out of the drawdown with my fingers and toes intact. I had Jerky boys in my head when I was typing that, so my bad. But you still gotta' seek my journal, I ain't giving it to ya, hehe!

 

[twstn]

I will not help you on that. You know where to look. As a sponsor, you should know this. And if you persevere, you will find it. Here's a song to help you on your journey to find my journal. Lord knows, the song helped me on my own journey...

Thanks! I also like to listen to this song while figuring something out.

 

[Overnight]

Thanks! I also like to listen to this song while figuring something out.

Simon and Garfunkel remakes, eh? Hmm. Well, we'll see how you perform on your search for my journal.

 

[twstn]

I kinda' messed up how I worded that. I meant a seven-week drawdown, not an operation. I came out of the drawdown with my fingers and toes intact. I had Jerky boys in my head when I was typing that, so my bad. But you still gotta' seek my journal, I ain't giving it to ya, hehe!

Glad all else is good even with the drawdown! Mature traders like you know how to deal with drawdowns financially, physically, mentally, psychologically, emotionally and even socially. Hard to keep fingers and toes intact in the process. So glad you did!
And so the quest of looking for your journal begins!

 

[Overnight]

Glad all else is good even with the drawdown! Mature traders like you know how to deal with drawdowns financially, physically, mentally, psychologically, emotionally and even socially. Hard to keep fingers and toes intact in the process. So glad you did!
And so the quest of looking for your journal begins!

Here's the song uninterrupted for you to use on your journey.

Sorry, I am a multi-media-thinking person. It is my MO.

 

[SunTrader]

I will not help you on that. You know where to look. As a sponsor, you should know this. And if you persevere, you will find it. Here's a song to help you on your journey to find my journal. Lord knows, the song helped me on my own journey...
....

White man to the rescue.

"London Calling" sheesh.

Joe Strummer is rolling over in his grave.