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02/06/22
00:16
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Originally posted by Veritas2000:
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May I suggest trading in smaller lots until you feel confident. Losing $6000 is not an inconsequential amount, but more to the point is the damage it does to your psyche...when a traders is down the instinct primarily becomes focused on regaining the losses rather than following one's Trading Plan. If you suffer a bad loss my advice is to not trade for a few days...so something completely different and then sit down go over your trade and see where you went wrong, eg Was I being guided by others Did I set entry and exit levels (ie profit target and stop loss). Did it meet the general nature of my Trading Plan - for instance did it rise exponentially and could I get a 1 or 2 pip quick trade, was it a stock in a group which was rising that day (say as in gold for an example). Did it meet my charting criteria Etc....we all need to develop a Trading Plan and execute without deviating. Trading should be mechanical. Not to say that one should not have fun...but leave that for the end of the trade or day and I always suggest that one should talk to someone close and share both wins and the inevitable losses. Trading is lonely. Enough of this old fool V
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You are such a kind and generous person. I have read your post over and over absorbing your sage advice. I, unfortunately, can't afford downtime ATM - a complex situation. Thanks for your words of wisdom, which I have taken a screenshot of