Do you have regrets for losing your cool and you SL? | Forex Factory

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Do you have regrets for losing your cool and you SL?

  • #1
  • First Post: Feb 7, 2017 6:17am Feb 7, 2017 6:17am
Hi guys, I think that there are many times when you open a position and the market reverses and you are afraid that it's only going to get worse and you stop loss within a range of 20-30 pips, or sometimes even worse.
Sometimes what happens is that the market will eventually turn to your anticipated target, but it might take days or even weeks.
Do you then have regrets that you didn't hold to that position for a longer time?
Is forex rocketscience? Yes it is.
  • #2
  • Feb 7, 2017 7:40am Feb 7, 2017 7:40am
I only have regrets if I fail to follow my tested system.

Have no regrets! Follow your system!
  • #3
  • Feb 7, 2017 7:48am Feb 7, 2017 7:48am
Quoting on64
Hi guys, I think that there are many times when you open a position and the market reverses and you are afraid that it's only going to get worse and you stop loss within a range of 20-30 pips, or sometimes even worse. Sometimes what happens is that the market will eventually turn to your anticipated target, but it might take days or even weeks. Do you then have regrets that you didn't hold to that position for a longer time?
It's called trade management.

Before you enter a trade, you need to think how the price will "breathe". If it does not move as anticipated, you better leave the trade.

Don't get regrets to take a loss if you are playing exactly as per your plan. But if you can't take small losses, sooner or later, you'll get the mother of all losses.

A lot of us, me included, have blown an account waiting for the reversal that came too late...
  • #4
  • Feb 8, 2017 2:37am Feb 8, 2017 2:37am
Quoting AiWoZhongHua
{quote} A lot of us, me included, have blown an account waiting for the reversal that came too late...
Hummm... something sounds familiar!
  • #5
  • Edited 3:08am Feb 8, 2017 2:55am | Edited 3:08am
Quoting on64
Hi guys, I think that there are many times when you open a position and the market reverses and you are afraid that it's only going to get worse and you stop loss within a range of 20-30 pips, or sometimes even worse. Sometimes what happens is that the market will eventually turn to your anticipated target, but it might take days or even weeks. Do you then have regrets that you didn't hold to that position for a longer time?
No because the opposite could also be true that the market NEVER returns to the anticipated target and stayed permanently at lower/higher level and all of sudden you are out of several K of dollars and you have to work a hundred times harder to make it all back. I have been there and done that and TRUST ME, it's NOT pretty. And that's how you blow up accounts. I was lucky that I was just out some money.

Buying/Selling and hold is the strategy of a longer-term trader. Unless you are one, it's NOT the strategy of a daytrader who's on margin. For us, it's "Stop the loss early and let the profit run" and 99% of the traders do the opposite and that's how they never make profit. So next time when you are having regrets, just think of this: For every single loss that you regretted closing too early, it could've been a permanent loss that blew up your account. You can be making TEN profitable trades in a row but it only takes ONE losing trade to blow up your account and ALL the profits that you made are GONE!!

Remember it's NOT how much you make that counts; it's how much you get to KEEP at the end of the day that counts. Our job is to survive to fight for another day for everyday until you decide to quit trading.
Make your losses in demo. Earn your profits live.
  • #6
  • Feb 8, 2017 3:04am Feb 8, 2017 3:04am
i move my stoploss becoming trailing stop... when move 50 pips, i move my stop loss to level 25 pips.. when then move to 80 pips i move my stoploss to 40 pips, when my stop hit, i'm blessed with that profit.
  • #7
  • Feb 8, 2017 3:09am Feb 8, 2017 3:09am
Quoting AiWoZhongHua
{quote} It's called trade management. Before you enter a trade, you need to think how the price will "breathe". If it does not move as anticipated, you better leave the trade. Don't get regrets to take a loss if you are playing exactly as per your plan. But if you can't take small losses, sooner or later, you'll get the mother of all losses. A lot of us, me included, have blown an account waiting for the reversal that came too late...
or never came...
Make your losses in demo. Earn your profits live.
  • #8
  • Last Post: Feb 8, 2017 10:11am Feb 8, 2017 10:11am
Almost all traders have had similar situations in the beginning of their journey called “forex trading”. The most important thing is to learn from those early mistakes and evolve.
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