Learn To Take Losses

[schizo]

Yup.
I usually view trading as a giant video game, expensive.
I have 4 monitors, all charts.
I have free CNBC (TOS from my Schwab account).
If I put the TV show on, it's usually muted.

Uhm, that wasn't exactly what i had in mind, but that'll work too if you're consistently

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LOL
I seldom use a 1 mi, even a good volume stock like IP + not a stock tip, not enough volume for me to tell much LOL
WOULD you catch a fallin' star\
YOU know how people are \
YOU KNOW , as it crashes to the ground\
they dont liked it when its DOWN/LOL
John A Song . > 2,077,777 vV hits . I thought you liked milk choc/that's animal juice

Think of it in terms of velocity. The faster you move, the slower the time. In a fast moving market, you might wanna zoom out to a higher timeframe. But in a slower choppy market, it would serve you well to zoom in.

Now I'm only speaking as a day trader. If you're one of them Buffett wannabes, this is probably useless.

 

[taowave]

IronChef is a Macro dude,big picture thinker!!!!!!!!!!!!!

Is this one of them vegan propositions? I'm a PETA vegan, so why aren't you, dammit?!!

As they say, it's not what you use, it's how you use it. 1 minute chart is fine and it's great for quick scalps.

 

[murray t turtle]

Uhm, that wasn't exactly what i had in mind, but that'll work too if you're consistently

Think of it in terms of velocity. The faster you move, the slower the time. In a fast moving market, you might wanna zoom out to a higher timeframe. But in a slower choppy market, it would serve you well to zoom in.

Now I'm only speaking as a day trader. If you're one of them Buffett wannabes, this is probably useless.

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OK/ i have 4 pockets/120 page college RULE notebook.
NOPE\i only have one Buffet book, coffee or chocolate LOL stained freebie from Library LOL
HAVE used smaller time frame to enter/
but i love to research trends/ big trends/ super trends\.
Even that indicator named ''super trend'' is not that great \i use it some anyway.
May give away part of the Always Save 6 pac Fudge pop Tarts

 

[ironchef]

I need to learn English grammar. Any tips?

An online translator is a good companion:
https://translate.yandex.com/?utm_source=yandex&utm_medium=com&utm_campaign=morda

Then run your post through Google Gemini or chatGPT, your post will look like it is written by Hemingway.

 

[ironchef]

IronChef is a Macro dude,big picture thinker!!!!!!!!!!!!!

Right, the only Macro dude, big picture thinker trading 1 minute charts.

 

[ironchef]

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NOPE\i only have one Buffet book, coffee or chocolate LOL stained freebie from Library LOL
May give away part of the Always Save 6 pac Fudge pop Tarts

Didn't know uncle Buffett wrote a book?

Sorry, Buffet =/= Buffett. As someone else's complaint: I don't pay attention to what I read.

 

[murray t turtle]

Didn't know uncle Buffett wrote a book?

Sorry, Buffet =/= Buffett. As someone else's complaint: I don't pay attention to what I read.

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MOM took me to a Buffet a lot 4 lunch;
after i moVed out of the house .LOL I think some else wrote buffet book /jack Schwager did not LOL
She liked to give me the money before we in so good kind reminder to pay for her dinner LOL+ true
Wave After /wave \redemption song/ Pat Green>25,000,000 Vv hits

 

[ironchef]

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MOM took me to a Buffet a lot 4 lunch;
after i moVed out of the house .LOL I think some else wrote buffet book /jack Schwager did not LOL
She liked to give me the money before we in so good kind reminder to pay for her dinner LOL+ true
Wave After /wave \redemption song/ Pat Green>25,000,000 Vv hits

You are very lucky, you have a loving Mom.

 

[Jzwu2017]

I think most of us know how important it is and in theory how to take losses.

But theory and practice are two different things. Once in a while, in the thick of the battle, all rules and discipline are out the window we let emotion controls us.

The last two weeks I was trying out @volpri's approach and had such an out of control experience this last Friday. On Friday, the stock price went through some violent swings and the first trade went against me in a big way. Should have stopped and called it a day. Instead I kept going and ended up lost half of the profits accumulated in the last two weeks.

It was paper trades but imagine if it is live.

I was going to go live today but decided to delay it until I can work things out.

This is very common in trading. I have battled with taking losses for a long time and finally decided to use preset a hard stop for every trade and that helped a lot.

I can win for a whole week but often one big mess-up like what you did gives back all previous winnings. Even with hard stops I mess up by keeping doing the same bad trades and racking up big losses within a short period of time like a few hours. My current solution is to set a max daily loss amount and sticking to it. Once it’s hit I quit for the day.

 

[ironchef]

This is very common in trading. I have battled with taking losses for a long time and finally decided to use preset a hard stop for every trade and that helped a lot.

I can win for a whole week but often one big mess-up like what you did gives back all previous winnings. Even with hard stops I mess up by keeping doing the same bad trades and racking up big losses within a short period of time like a few hours. My current solution is to set a max daily loss amount and sticking to it. Once it’s hit I quit for the day.

Misery loves company.

It is not simple setting a good hard stop. How wide a stop do you preset? Too tight and you would be stopped too often and too loose you would lose your shirt.

Why learn how to take losses is still my #1 problem.