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Describe your way to "save" a bad trade

  • #21
  • Apr 21, 2014 3:51pm Apr 21, 2014 3:51pm
Quoting Mingary
1) if it ends up in profit then it's not a bad trade
a bad trade my friend is a bad trade, regardless of the outcome.
.
  • #22
  • Apr 21, 2014 4:00pm Apr 21, 2014 4:00pm
Quoting nasir.khan
{quote} a bad trade my friend is a bad trade, regardless of the outcome. .
Right... so you think it's ok to have "good trades" all the down to an account wipe out.
I think I would rather make ~bad trades~ and make money...
  • #23
  • Edited 4:17pm Apr 21, 2014 4:01pm | Edited 4:17pm
I love these people that start a thread and never come back to show they even care or still exist. Let's see if you still exist. Why would you want to save a bad trade? As stated above, a bad trade is just that. Kill the trade then continued Money Management combined with the next winning trade washes it all away. Good RR allows you to F-up on occasion. Part of the biz...

You're trading Live already and should know this. It's a silly question for someone trading live.

Hello McFly you there...

Quoting irfan.zee01
First of all, sorry for my English. It's not my main language.. To the point. Just thinking, instead of closing bad trade, maybe we could some how "save" them and ended up still having profit.. So, please describe your way to "save" bad trade.. thanks in advance...
SPC * Swollen PocketZ Crew!
  • #24
  • Apr 21, 2014 4:17pm Apr 21, 2014 4:17pm
Quoting Sesamstrasse
{quote} Nono ! If a bad entry becomes green , it´s still a bad entry fare away from the rules. Of course it´s not a damage with one trade ( normally ) but only if you stick to your rules in your traded system you do the right thing.
There are a lot more reasons for bad entries than not following trading rules. Bad trader execution, bad internet connection, broker slippage, trading platform hangups, bad stop/limit order entries, typos, the list goes on. I've had many "bad entries" based on weird things going on and none had anything to do with not following my system rules.
  • #25
  • Apr 21, 2014 5:15pm Apr 21, 2014 5:15pm
Quoting Mingary
{quote} Right... so you think it's ok to have "good trades" all the down to an account wipe out. I think I would rather make ~bad trades~ and make money...
say it out loud 10 times and i promise you you will not feel good about your prospects in this business.
.

Its such a cliche but still gonna say it,

Every battle is won before its ever fought.

A good trade is the one that based on rules of your method and a bad trade is the one you took breaking your rules in a rush of blood with a high leverage. The outcome of both trades is irrelevant regarding the fact if they are good or bad.
.
  • #26
  • Apr 21, 2014 5:47pm Apr 21, 2014 5:47pm
All outcomes of any trade should be mapped out before it is taken. You don't know what is going to happen, but you should know what you are going to do within that range of possible outcomes. And then you do that. It's not necessary to "save" anything: just do what you have planned on doing.
"If The Fool persists in his Folly he will become wise." - William Blake
  • #27
  • Apr 21, 2014 11:55pm Apr 21, 2014 11:55pm
Quoting nasir.khan
{quote} say it out loud 10 times and i promise you you will not feel good about your prospects in this business. . Its such a cliche but still gonna say it, Every battle is won before its ever fought. A good trade is the one that based on rules of your method and a bad trade is the one you took breaking your rules in a rush of blood with a high leverage. The outcome of both trades is irrelevant regarding the fact if they are good or bad. .
Yes indeed one of many clichés, and like basically all the axioms and tenets of "proper trading" it does not work in reality.
I wish it could be possible to apply some logic and rational that results in consistent profits, but unfortunately making real money in the market does not work like that.
  • #28
  • Apr 22, 2014 2:53am Apr 22, 2014 2:53am
Quoting JR97
{quote} There are a lot more reasons for bad entries than not following trading rules. Bad trader execution, bad internet connection, broker slippage, trading platform hangups, bad stop/limit order entries, typos, the list goes on. I've had many "bad entries" based on weird things going on and none had anything to do with not following my system rules.
Of course every trader had a slippage , a overshoot or just a wrong side entry ( entered wrong direction ) or something.
But this will not kill the account .
A bad entry is just a entry fare away from your system rules , no matter if green or red results.
Risiko birgt immer auch die Chance.
  • #29
  • Apr 22, 2014 4:04am Apr 22, 2014 4:04am
I would probably have closed that the moment it goes past -50 points, and forgotten about it too
  • #30
  • Edited 5:39am Apr 22, 2014 5:06am | Edited 5:39am
The best way to save yourself from a bad trade is to exit it. Don't try to save the trade, instead try to save your capital and get out quick.

Over the years, I've reached the following conclusion with regards to bad trades:
A bad trade is not a losing trade but instead a bad trade is one that you entered which did not conform to your entry requirements or risk limits. (Taking a loss is inevitable, keep them small and move on to the next trade).

It's very easy to be seduced by the impulse to trade on nothing but gut instinct and you may even make money on an individual instinct trade but overall these are bad trades. They make you think you "know" what's going to happen because you've guessed correctly before and it's at that point when greed takes over and you take on a position larger than usual without proper risk management... to then see the trade go the other way, costing you more than you cared to lose. This is one of the markets expensive lessons.
  • #31
  • Apr 23, 2014 9:06am Apr 23, 2014 9:06am
Quoting JoeNY
I love these people that start a thread and never come back to show they even care or still exist. Let's see if you still exist. Why would you want to save a bad trade? As stated above, a bad trade is just that. Kill the trade then continued Money Management combined with the next winning trade washes it all away. Good RR allows you to F-up on occasion. Part of the biz... You're trading Live already and should know this. It's a silly question for someone trading live. Hello McFly you there... {quote}
Hello everybody, first of all, as always, sorry for my english.
I'm sorry for not Online a few days back because I get hospitalized. Anyway Thank you for replying to this thread, all of your reply is Very inspiring. I guest every body here agree to:First, save your capital, then recover from the bad trade. But what I really wanted to know is, if any of you have any method to let the bad trades goes on but still able to close it and get profit even just small one.
For example, I'm opening 1 lot buy at EURUSD, and then because of some reason, I can't put any stoploss. A few hours later, the price goes against me, and when I'm checking my OP, instead of a closed one, I'm getting a huge amount of unrealized losses. Then what should I do?
  • #32
  • Edited 11:26am Apr 23, 2014 10:51am | Edited 11:26am
HEALTH BEFORE WEALTH!

Hope Your Feeling Better....

Just close the trade. If your having platform issues. Just call your Broker and have them kill it. Call it a day.

Platform issue? Can't put a stoploss? New too me... I wouldn't trade live until i figured it out.

Don't hang on too losers. Big Drawdowns equal account destruction at some point in time. Only a small few know how to play that strategy. Not for the MEEK, not easily learned. Easier strategies with less stress exist.


Quoting irfan.zee01
{quote} Hello everybody, first of all, as always, sorry for my english. I'm sorry for not Online a few days back because I get hospitalized. Anyway Thank you for replying to this thread, all of your reply is Very inspiring. I guest every body here agree to:First, save your capital, then recover from the bad trade. But what I really wanted to know is, if any of you have any method to let the bad trades goes on but still able to close it and get profit even just small one. For example, I'm opening 1 lot buy at EURUSD, and then because...
SPC * Swollen PocketZ Crew!
  • #33
  • Apr 23, 2014 11:01am Apr 23, 2014 11:01am
Hate to break the news, but since everyone here had to 'prove they were human' by plugging in that weird combo of digits/letters when you signed up proves we're all human and born to make mistakes because we're not perfect.

Next: When the rubber meets the road you'll never take a trade that's absolutely 100% probable to do what you think. Therefore, you're going to enter a trade you wish you never had at some point in your trading career. It WILL happen. Not a question of if/when - it's WHEN.

When you click that order confirmation, you've supposedly done all you can to tilt risk in your favor with the highest probability of an outcome in your favor.

If you're not convinced you've done this, don't click that order confirmation button.
"Holy Grail" exists - accepting where is the first step.
  • #34
  • Apr 24, 2014 1:24am Apr 24, 2014 1:24am
You don't "save" a bad trade. All you can do is open and close trades.
  • #35
  • Apr 25, 2014 3:40am Apr 25, 2014 3:40am
Quoting JoeNY
HEALTH BEFORE WEALTH! ...{quote}
It's easier to say than doing... . I'm working shift, and this last few week my division is overwhelmed with a lot of urgent product, and because of that I'm getting thypoid fever.. . And about platform issue, I have a lot of experience with that, sometimes even my computer hangs up right after I'm opening position (My broker is STP, so I Can't put TP and SL while open position)...

Enough for my story... My question still remain, WHAT SHOULD I DO WITH MY FLOATING MINUS POSITION?
  • #36
  • Last Post: Apr 25, 2014 4:20am Apr 25, 2014 4:20am
Quoting JoeNY
I love these people that start a thread and never come back to show they even care or still exist. Let's see if you still exist. Why would you want to save a bad trade? As stated above, a bad trade is just that. Kill the trade then continued Money Management combined with the next winning trade washes it all away. Good RR allows you to F-up on occasion. Part of the biz... You're trading Live already and should know this. It's a silly question for someone trading live. Hello McFly you there... {quote}
and you know what I love more.. when these so called gurus come out and talk atta their ass.. lol
(with exception of very a few)
Passion, Persist, Patience, Protect
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