I have a serious problem: I don't take a loss

Redneck · Aug 31, 2009

Quote from BPtrader:

After I enter a trade, I do two things:

1. When the trade goes in my favor, I grab the small profit and exit.

2. When the trade goes against me, I wait until it comes back into profit. If it doesn't come back, I suffer a heavy loss.

I wonder if I am alone. I looked at the blotters of some traders on ET, and noticed they trade many times a day and seem to have no problem in exiting a losing trade.

Why is it so hard for me to exit a losing trade?
(I have rules, they don't help).

BP

See if this sounds familiar

Small profit

1,) You get an anxious feeling inside and by exiting it helps make it go away (knowing you can re-enter for another win)

Big loss

2.) You get calm (very calm/ almost numb) as you watch it (price move away)..

Always seeing/ interpreting that price could possibly reverse back in your favor â then price will make a spurt away from your positionâ¦

But then all of a sudden it appears to want to come back

Eventually it moves away (farther this time) and youâre in a heavy loss (more than you win in a day or week)

Then one of two things happens

You exit for a loss and price reverses

You exit for a loss at the end of the day

If it doesnât Iâll shut up and sit down

RN

BPtrader · Aug 31, 2009

Quote from sicktraderII:

What a dork. Go for it buddy. Later.

Don't forget to drop me a line after you set up your stock alert service.

You may need some testimonials like this:

"I made $34,000 in one week by subscribing to sicktrader's stock alert service."

sicktraderII · Aug 31, 2009

I don't sell anything to anyone (unless you want a custom built home). Helped a few dozen here for free. Either I help for free, or I don't help at all.

FB123 · Aug 31, 2009

Quote from BPtrader:

Hahaha, Now who looks like a gullible idiot???

Let me inform you of something, since you are obviously too dumb to know this: I KNOW that you are not profitable. I KNOW that you are just a pretender who likes to act like he knows what he's talking about, but really doesn't have a clue. So does everyone else reading this thread.

By your actions and various posts, you have demonstrated that you are nothing but a JOKE. A really profitable trader wouldn't waste his time lying on ET and making up crap like you have been doing in your various posts. When you contradict yourself multiple times like you have, you are proving to us that you are not to be taken seriously.

In any case, I doubt that anyone is going to listen to you any more on this forum... if I were you I would register a new handle and avoid the continued embarrassment of being BPTrader.

Now go to bed, you don't want to be late when they do attendance in home room tomorrow morning.

sicktraderII · Aug 31, 2009

Quote from FB123:

Let me inform you of something, since you are obviously too dumb to know this: I KNOW that you are not profitable. I KNOW that you are just a pretender who likes to act like he knows what he's talking about, but really doesn't have a clue. So does everyone else reading this thread.

By your actions and various posts, you have demonstrated that you are nothing but a JOKE. A really profitable trader wouldn't waste his time lying on ET and making up crap like you have been doing in your various posts. When you contradict yourself multiple times like you have, you are proving to us that you are not to be taken seriously.

In any case, I doubt that anyone is going to listen to you any more on this forum... if I were you I would register a new handle and avoid the continued embarrassment of being BPTrader.

Now go to bed, you don't want to be late when they do attendance in home room tomorrow morning.

I'm going to bed. Nice post.

smilingsynic · Aug 31, 2009

Quote from BPtrader:

After I enter a trade, I do two things:

1. When the trade goes in my favor, I grab the small profit and exit.

2. When the trade goes against me, I wait until it comes back into profit. If it doesn't come back, I suffer a heavy loss.

I wonder if I am alone. I looked at the blotters of some traders on ET, and noticed they trade many times a day and seem to have no problem in exiting a losing trade.

Why is it so hard for me to exit a losing trade?
(I have rules, they don't help).

Loss aversion is a common cognitive bias that traders have to work on overcoming.

http://en.wikipedia.org/wiki/Loss_aversion

BPtrader · Aug 31, 2009

Quote from Redneck trader:

BP

See if this sounds familiar

Small profit

1,) You get an anxious feeling inside and by exiting it helps make it go away (knowing you can re-enter for another win)

Big loss

2.) You get calm (very calm/ almost numb) as you watch it (price move away)..

Always seeing/ interpreting that price could possibly reverse back in your favor â then price will make a spurt away from your positionâ¦

But then all of a sudden it appears to want to come back

Eventually it moves away (farther this time) and youâre in a heavy loss (more than you win in a day or week)

Then one of two things happens

You exit for a loss and price reverses

You exit for a loss at the end of the day

If it doesnât Iâll shut up and sit down

RN

RN,

Your description of the price movement is something we traders experience every day. It's a valid description.

However, the reasons for a trader's responses are something I wanted to discuss when I started the thread. But some idiots have totally destroyed my interest.

If possible, I may tell you personally the reasons at a future date. I will use scientific evidence to prove my point. But I will NOT reveal them here. I hate those idiots. Let those idiots lose their pants.

Redneck · Aug 31, 2009

Quote from BPtrader:

RN,

Your description of the price movement is something we traders experience every day. It's a valid description.

However, the reasons for a trader's responses are something I wanted to discuss when I started the thread. But some idiots have totally destroyed my interest.

If possible, I may tell you personally the reasons at a future date. I will use scientific evidence to prove my point. But I will NOT reveal them here. I hate those idiots. Let those idiots lose their pants.

Fair enough Sir

I would always appreciate your insights

RN

smilingsynic · Aug 31, 2009

Quote from smilingsynic:

Loss aversion is a common cognitive bias that traders have to work on overcoming.

http://en.wikipedia.org/wiki/Loss_aversion

Pride goes before a fall, and loss aversion tends to follow profitable periods and winning streaks, both of which can help create a big head.

Losing is a necessary part of winning: if one is not willing to lose, then in the long run one cannot win.

FB123 · Aug 31, 2009

Quote from Redneck trader:

Fair enough Sir

I would always appreciate your insights

RN

Redneck,

This was BPTrader's very first post on these forums 9 months ago:

"I plan to start trading after reading a few trading books. But I really need some advice from REAL people.

If you are a SUCCESSFUL/PROFITABLE trader, please throw me some bits of advice, any advice will be appreciated.

I am especially interested the number of years you took to become successful/profitable, because it will give me an idea of how much time I should be prepared to spend.

Thanks!"

http://www.elitetrader.com/vb/showt...126#post2257126

Since then he has been contradicting himself about having years of trading experience, never losing on a trade, etc.

It makes sense to me that his first post on these forums was probably the most honest one, and that all the other contradictions and lies came later.

Are you sure you still want to hear his marvelous thoughts?

Just thought you should know.