[quote=mrmalik1;11942925]{quote} good advice eng,,,,that happened a lot to me in the past,,,i got married with the trade
Yeah I've been guilty of that too as I'm sure many here have/are. Mental stops are one thing, but it's gotta be well within what you can 'afford' to lose. And I say 'afford' in inverted commas because it doesn't necessarily mean financially, but mentally as well. If the loss, or projected loss is such that it takes a toll on your psyche, I don't care how rich you are or how much available funds you have for trading - that's a sum you can't afford. Techanalyst mentioned his 50 pip stop being something he can be comfortable with losing if price does go against him, and that should be the way things go. If the drawdown causes you to panic and get in a fluster, you are either overleveraged OR it's too big a sum for your psyche to afford. Like what gio123 said above - money management is very important. What's the point of having the best analysis and best entries/exits in the world when all it takes is 1 bad trade to wipe out everything.
Always another trade, another day. Gotta have that 'zen' peace of mind when you're at the gym, if not find something else to do until you're calm and rational. Never trade angry/upset.
Yeah I've been guilty of that too as I'm sure many here have/are. Mental stops are one thing, but it's gotta be well within what you can 'afford' to lose. And I say 'afford' in inverted commas because it doesn't necessarily mean financially, but mentally as well. If the loss, or projected loss is such that it takes a toll on your psyche, I don't care how rich you are or how much available funds you have for trading - that's a sum you can't afford. Techanalyst mentioned his 50 pip stop being something he can be comfortable with losing if price does go against him, and that should be the way things go. If the drawdown causes you to panic and get in a fluster, you are either overleveraged OR it's too big a sum for your psyche to afford. Like what gio123 said above - money management is very important. What's the point of having the best analysis and best entries/exits in the world when all it takes is 1 bad trade to wipe out everything.
Always another trade, another day. Gotta have that 'zen' peace of mind when you're at the gym, if not find something else to do until you're calm and rational. Never trade angry/upset.
You hesitate, you masturbate.
