shugParticipant
Junior
I get the misses to keep an eye on things if i have to leave the screen, even for 5 minutes! been cought out before with that. People might think, what do you do if your on 3 losses and then on your 8 wins and market starts to go against those what do you do? I personaly dont let it go against all 8 wins, i cash out on 4 or 5 then watch to see were the market wants to go, if its a case of my other 3 go into profit on the down side i’ll add to those and just follow the move as i’m adding. got to be on the ball using this method but its just a case of keeping an eye on equity and knowing wat you started with and making sure your cash is going up instead of down
shugParticipant
Junior
by the way, i traded the opposite of this adding to my loss until market changed direction but its the wrong thing to do unless you have an unlimited account with a tonn of money in it and balls of stainless steel!
I agree and know when to cut losses – on Shorts esp, – as when Price runs too far ahead – as in several days X Daily Range – the Trade Price of the Short might never be seen again, with losses increasing daily.
If trapped in above scenario, it’s best to make best judgement, like – this is probably as low as it’s going to go – and close Shorts, retreat, lick wounds for a few days and let our brains normalise again!
We’ve all been there! 🙁
shugParticipant
Junior
I agree completelly m8 best to know when to call it a loss and nip it in the bud!
I’m trying to get my trading down to 1 day a week. I have my other project i’m working on which is harder than trading. trying to build a flying object. I have decided to go with a combination of the dean drive, sandy kidds device and a mercury votrex engine all thrown together into a frankenstine spinning mass. My engineering skills need emproving but i have the tools and materials so i’ll carry on with it.
shugParticipant
Junior
with my engineering skills i have im more likelly to be wallopped with a lump of spinning steel but its fun trying. the mercury was a problem to get that but lucky enough i have more than enough now for the project! it is contained in 2 steel containers with fine threads on the lids and rubber o rings and then placed in 2 aluminum containers with sealed lids so should be safe enough while spinning!
