Haha this is the sh#ttiest topic but must be delt with.
When do I throw in the towel for the year?
1) I made X% and am satisfied with my gains... time to walk away for a few months and enjoy my winnings.
2) I lost Y% of my account and
When do I throw in the towel for the year?
1) I made X% and am satisfied with my gains... time to walk away for a few months and enjoy my winnings.
2) I lost Y% of my account and
- am willing to put Z dollars back into the account... keep trading baby
- am willing to walk away with a loss
Let's not forget time and Uncle Sam.... huge factors in my opinion. Suppose your account goes down 80% by September because you are an ultra aggressive trader, and realize making 500% on your remaining 20% is simply unlikely in the remaining 4 months of the years. (Humor me)
So the question is, do you have a % in mind where you call it a year, for better or worse? It's up to the individual, but should be a concern of any real trader.
Tom