Very hard time taking loss:(

It looks your number of gains is greater than losses then mathematically you can win by cutting the amplitude of a single lose to equal or less than the amplitude of highest gain. Let say the highest of your gains is 224.36 (from your data below) realised on Jan 17, then your single lose should not go below -224.36. This way your Jan 20 & Feb 2 won't reach the value of -1786.05 & -625.08 since you was exited before at -224.36. Does it make sense?

Quote from ksonsinc:

Well i officially got my cheque today from my prop firm ( as they pay on the 7 and the 21 ) :)
The manager literally called me like 8.11 in the morning i was fast a sleep ( hehehheeh ) and he was like your cheque is ready please come and pick it any time i was like wtf !!!!!
I am luck i am not in of the firm where i have to call them every time by the way i would like to list up my losses and + i had and suggestion and opinion are welcome
Jan 12 -82.06
jan 13 +204.49
jan 17 +224.36
jan 18 -76.32
jan 19 +194.84
jan20 ( -1786.05 BLACK FRIDAY ) dow-200 naq -50
jan23 +65.94
jan24 +107.16
jan25 +108.56
jan26 +113.87
jan27 +163.81
jan30 +87.87
feb01 +67.95
feb02 -625.08 : (
feb03 +87.84
feb06 -47.07
feb07 +11.57
feb08 -75.85 was up+$200 gave all backand (-)
with these result what would u you guys say should i give a try again - ?
ALl these are net result - comm and sec and ecn fees
More...
 
Hey Bitreand
Very good advice
Even my friends who are trader told me that.
I mean it was my 1st month of trading and they said u are averaging $100 every day but the loss ( -1700 + -625 is FKED UP )
I should not let my loss receded over -$150 and as time goes by i could have done better
I have to learn to take losses very important thing i have learnt.
 
Just look at the small winning days and huge losing days. Not only you need to learn to cut loss quick, you need to learn how to take the maximum profit. Good luck.

Jan 12 -82.06
jan 13 +204.49
jan 17 +224.36
jan 18 -76.32
jan 19 +194.84
jan20 ( -1786.05 BLACK FRIDAY ) dow-200 naq -50
jan23 +65.94
jan24 +107.16
jan25 +108.56
jan26 +113.87
jan27 +163.81
jan30 +87.87
feb01 +67.95
feb02 -625.08 : (
feb03 +87.84
feb06 -47.07
feb07 +11.57
feb08 -75.85 was up+$200 gave all backand (-)
 
Quote from ginux:

why is it so hard to take a loss?

just set your stop loss immediately after entering your buy and sleep on it. There. No decisions to make thereafter.
More...


Because beginning traders have a conflict to resolve with their ego and refuse to cut a loss because they do not want to be wrong. I found the hard way a long time ago it is always better to be wrong and able to take the next trade then then to be right but with no money left to capitalize on it.
 
Quote from ksonsinc:

Jan 12 -82.06
jan 13 +204.49
jan 17 +224.36
jan 18 -76.32
jan 19 +194.84
jan20 ( -1786.05 BLACK FRIDAY ) dow-200 naq -50
jan23 +65.94
jan24 +107.16
jan25 +108.56
jan26 +113.87
jan27 +163.81
jan30 +87.87
feb01 +67.95
feb02 -625.08 : (
feb03 +87.84
feb06 -47.07
feb07 +11.57
feb08 -75.85 was up+$200 gave all backand (-)
with these result what would u you guys say should i give a try again - ?
ALl these are net result - comm and sec and ecn fees
More...

One thing you might consider is to have a loss limit for the day. If your P/L (counting open and closed positions) is greater than -200 (or whatever number you pick), close all positions and take the rest of the day off. You need to figure out what level of loss means you are OUT OF TUNE with the market. It is very, very difficult psychologically to get in tune with the market when you are down a few hundred bucks for the day and started off out of tune. My guess is that only top-tier traders with many years of experience can do it (I know I can't do it).
 
Quote from ksonsinc:

Well i officially got my cheque today from my prop firm ( as they pay on the 7 and the 21 ) :)
The manager literally called me like 8.11 in the morning i was fast a sleep ( hehehheeh ) and he was like your cheque is ready please come and pick it any time i was like wtf !!!!!
I am luck i am not in of the firm where i have to call them every time by the way i would like to list up my losses and + i had and suggestion and opinion are welcome
Jan 12 -82.06
jan 13 +204.49
jan 17 +224.36
jan 18 -76.32
jan 19 +194.84
jan20 ( -1786.05 BLACK FRIDAY ) dow-200 naq -50
jan23 +65.94
jan24 +107.16
jan25 +108.56
jan26 +113.87
jan27 +163.81
jan30 +87.87
feb01 +67.95
feb02 -625.08 : (
feb03 +87.84
feb06 -47.07
feb07 +11.57
feb08 -75.85 was up+$200 gave all backand (-)
with these result what would u you guys say should i give a try again - ?
ALl these are net result - comm and sec and ecn fees
More...

Kson, I don't know what I am talking about but just want to ask if a lot of the "plus" days were also resulted from holding onto losers. If that is the case, we might have a bigger issue than accepting losses here.
 
Quote from volente_00:
Because beginning traders have a conflict to resolve with their ego and refuse to cut a loss because they do not want to be wrong. I found the hard way a long time ago it is always better to be wrong and able to take the next trade then then to be right but with no money left to capitalize on it.
More...
Completely true. When I entered to Wall Street, I didn't know that I will be facing two major unexpected obstacles, the following:

1. The problem is not from outside, it's from the trader himself. His ego make him to refuse to see the truth, to accept that's his is wrong.

2. Refuse to admit that the problem in 1 is a big issue.

Now problem 2 was resolved for me but still struggling with problem 1.
 
Quote from bitrend:

Completely true. When I entered to Wall Street, I didn't know that I will be facing two major unexpected obstacles, the following:

1. The problem is not from outside, it's from the trader himself. His ego make him to refuse to see the truth, to accept that's his is wrong.

2. Refuse to admit that the problem in 1 is a big issue.

Now problem 2 was resolved for me but still struggling with problem 1.
More...

Then again, wouldn't it be fair to say, that there should not be that problem in the first place, if you have a plan, and follow that plan, then being wrong should not be a factor of execution, if it is, then that is a very big problem for any trader that is trading.

If you had a plan on when to get out of a trade for all trades, then it would resolve a lot of problems, but the question is, could that someone follow the plan.

And if there isn't a plan, then your screwed either way.

So must not forget the importance of having a plan for each and every trade, and following it.

Anyone else think the same way?

*Having a 5 point stop on every trade, and executing the stop the second I enter a trade, takes out the guesswork of having to take a bad trade, because it was already decided that the trade was bad and it was exited. Now, having a plan of getting out of a trade when it is profitable is just as important*

Picking good entries and exits is crucial in trading. Revenge trading, and deviating from the plan screws you up big time.
 
Quote from JMowery1987:


If you had a plan on when to get out of a trade for all trades, then it would resolve a lot of problems, but the question is, could that someone follow the plan.

And if there isn't a plan, then your screwed either way.

So must not forget the importance of having a plan for each and every trade, and following it.

Anyone else think the same way?
More...
I fully agree.

I can only add that your plan should be in writing. Somehow if you put it on paper it becomes more binding.
 
Hi guys.

I have the same problem. Moving / postponing my stoploss when the trade goes agains me during the day. The problem is your losses pile up when you're wrong and if the market moves in your direction again, you sell and you are happy BUT confidence is lost in your own system causing problems in the future. Always trouble.

Anyway. I learned my lesson during the Internet bubble in 2000 and now I am profitable.

So what helps me is:
- I take all my trading decision when the markets are closed. Markets are turbulent. I am more objective in the evening.
- I move stop losses up only if the trade is in my favor and also when markets are closed.
- I buy only when the price reaches a certain level by entering a conditional order (buy stop order). So the system (IB) automatically buys no matter what.
- Stoploss is entered right after entering the trade (so when the markets are open).

So everything is automaticallly executed and I never change the system while markets are open.

It is very easy to change your (mental) decision if you actively have to do something hard like selling your stocks with a loss. You just decide to not follow your rules by doing nothing which is easy. Very tempting. You don't have any obligation to anyone and it's just a little lie to yourself.... However, the consequences may be severe.

It's very hard to do something actively (sell your stocks with a loss) than to actively prevent your system from doing something you decided before (on an objective moment) anyway.


It helps very much. I never have a big loss and I do have some bug winners which for sure will end up being winners.

Ivo
 
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