...neither is it about losing per se.
Trading's just business - at the end of the day, all that matters is the bottom line.
Yes, you definitely need to LOVE this business - almost as much as you love your kids, your shoe-chewing puppy, your annoying girlfriend, etc,etc. Anyone who's considering- even albeit very remotely - TRADING (as opposed to INVESTING, and in reference to very short-term trading only) seriously, or is already a serious trader, will know what I'm talking about.
A post on the topic in question (by Ivanhoff , who writes for the Trading Goddess) that I like very much.
While there are heaps of articles and books out there that touch on the topic of "cutting losses" that I've always just outright ignored, this particular article strikes a chord.
Something to do with timing, I reckon.
Yes, I believe in using a stop loss now.
I've traded without it before, and while at first it was good to not have it (means you won't ever be stopped out - you get out on your own terms and in a losing trade, that's always based on how much PAIN you can take; and since I can take A LOT, the "big ticket" losses I've had in the past have been catastrophically disastrous for me - not so much in the monetary sense, but they definitely nearly broke my spirit), a series of good, hard lessons taught me that if I want to do this (trade for a living) for the long haul, I'd have to accept - perhaps even learn to embrace - small losses.
Trading's just business - at the end of the day, all that matters is the bottom line.
Yes, you definitely need to LOVE this business - almost as much as you love your kids, your shoe-chewing puppy, your annoying girlfriend, etc,etc. Anyone who's considering- even albeit very remotely - TRADING (as opposed to INVESTING, and in reference to very short-term trading only) seriously, or is already a serious trader, will know what I'm talking about.
A post on the topic in question (by Ivanhoff , who writes for the Trading Goddess) that I like very much.
While there are heaps of articles and books out there that touch on the topic of "cutting losses" that I've always just outright ignored, this particular article strikes a chord.
Something to do with timing, I reckon.
Yes, I believe in using a stop loss now.
I've traded without it before, and while at first it was good to not have it (means you won't ever be stopped out - you get out on your own terms and in a losing trade, that's always based on how much PAIN you can take; and since I can take A LOT, the "big ticket" losses I've had in the past have been catastrophically disastrous for me - not so much in the monetary sense, but they definitely nearly broke my spirit), a series of good, hard lessons taught me that if I want to do this (trade for a living) for the long haul, I'd have to accept - perhaps even learn to embrace - small losses.
