How to be okay with taking a Stop Loss?

[deaddog]

Initial size is my stop loss. Then there is also an actual stop loss which I rarely use.

Why do you rarely use it? Too far away or you just can't stand the pain of taking a loss?

 

[nooby_mcnoob]

Why do you rarely use it? Too far away or you just can't stand the pain of taking a loss?

The stop loss is "if I walk away and don't pay attention and price goes mental"

I usually exit manually if I'm wrong otherwise.

 

[deaddog]

The stop loss is "if I walk away and don't pay attention and price goes mental"

I usually exit manually if I'm wrong otherwise.

Don't you consider a manual exit for a small loss a stop loss?

 

[nooby_mcnoob]

Don't you consider a manual exit for a small loss a stop loss?

Not really. As I said, my stop loss is for when I'm not paying attention. And I'm not trying to stop a loss when I exit, I'm just acknowledging the trade is not going the way I want.

 

[smilingsynic]

if you make a profit yet break your rules, you are a loser.
If you take a loss and do so according to your plan, you are a winner.

Taking a loss is never easy, but it becomes easier the more you do it right.

Taking a loss is like asking a woman out and getting turned down. Yes, it doesn't feel right, and yes you feel a bit humiliated, but the more often you do, the easier it becomes.

If you are in a losing trade and yet refuse to take the loss, it doesn't make your trade a winner. The trade is already a loser. You just haven't accepted it yet.

Reversals are a part of trading. Unexpected market action is a part of trading.

Never assume anything in trading. Anything can happen. Take nothing for granted.

In trading, the only truth is price. The market doesn't care about your feelings. The market does not even know you exist.

There is no god that will save you from trading errors. There is no trading system or indicator that will rescue you from the unpleasant feeling of losing money in a trade.

To quote from an Aaron Neville song, when it comes to trading, everybody plays the fool. There is no exception to the rule.

 

[Overnight]

... There is no trading system or indicator that will rescue you from the unpleasant feeling of losing money in a trade...

Sure there it. It is called "sim" or "demo" modes.

 

[Tritical]

I use stop loss as a way to minimise my trades because when I am taking a break from trading, I can be certain that the trade will automatically close if it doesn’t go in the expected direction.

 

[murray t turtle]

Probably shouldn't be called a stop loss as it doesn't stop a loss. Perhaps it should be called a quick loss. I like to refer to it as a capital protection exit.

%%
LOL;
CPE, or business expence is a better name ,

 

[deaddog]

%%
LOL;
CPE, or business expence is a better name ,

Regardless of what name you give it, it protects your capital.
You can't win if you don't play and you can't play without capital.

 

[murray t turtle]

Regardless of what name you give it, it protects your capital.
You can't win if you don't play and you can't play without capital.

%%
Good names=CPE or business expence=capital protectors.
I just found out in my insurance contract/ a demo derby voids my insurance contract