Stoploss, Is it right to Save your Big Loss?
– The market pays you to be disciplined.
– Be disciplined every day, in every trade, and the market will reward you. But don’t claim to be disciplined if you are not 100 percent of the time.
– Always lower your trade size when you’re trading poorly.
– Never turn a winner into a loser.
– Your biggest loser can’t exceed your biggest winner.
– Develop a methodology and stick with it. Don’t change methodologies from day to day.
– Be yourself. Don’t try to be someone else.
– You always want to be able to come back and play the next day. Once you reach the daily downside limit, you must turn your PC off and call it a day. You can always come back tomorrow.
– Earn the right to trade bigger. Remember: if you are trading poorly with two lots you must lower your trade size down to a one lot.
– Get out of your losers.
– The first loss is the best loss.
– Don’t hope and pray. If you do, you will lose.
– Don’t worry about news. It’s history.
– Don’t speculate. If you do, you will lose.
– Love to lose money. What I mean is to accept the fact that you are going to have losing trades throughout the trading session. Get out of your losers quickly. Love to get out of your losers quickly.
– If your trade is not going anywhere in a given timeframe, it’s time to exit.
– Never take a big loss. Only a big loss can hurt you. Consistency builds confidence and control.
– Learn to sweat out (scale out) your winners.
– Make the same type of trades over and over again? Be a bricklayer. Don’t over-analyze. Don’t procrastinate. Don’t hesitate. If you do, you will lose. All traders are created equal in the eyes of the market.
– It’s the market itself that wields the ultimate scale of justice.
