It's about the hardest part of trading I believe. How much should you give back to the markets, and how soon should you let go of a potential loser? With all the risks and costs in trading, we are all losers from the start, or delusional. So you need alot of conviction to stay long enough in a potential winner to gain from it. This is incidentally what makes delusional winners win in the beginning, but without realizing what they're really doing, while taking on all the risk in the world.
You only need one ticket on the right bus at the right time to get somewhere (percentage-wise), and you may buy more tickets along the way even. Just make sure you don't overpay or overstay. So keep the cost small, and DO expect setbacks and adversities along the way.
I'm fully aware, but not necessarily in position to exploit it fully yet, which seems to require abandonment of "common" sense!
You have control over everything you do, even though you might think otherwise!
A loser should be got rid of when it has hit your stop price - never ever move a stop out, as, even though you might win that particular trade, it will bite you in the ass some day, and it might just happen to be a black swan day!
Many trade from the hip, hoping the bullet will hit the target, but not realizing that in order to win, you must lose...correctly!
We keep repeating the same stuff over and over, in the same way as we must keep repeating our trades the same way over and over.
When you get bored, you know you are there, for, excitement is for idiots who want to throw away their money to others.
However, as there is always a catch, unless one learns to differentiate between high and low risk trades, then, one is just pissing against the wind, and would be much better off to put the money in a bank account for the kids, or grandchildren.
How does one differentiate?
Simple, look at your watch!
J_S
