A bad trade at the start of the day

[NOMINDTR]

....The days when my first trade hits the SL - I end up with more losing trades than good trades. Any advices...

Yes there is an advice. Quite market for the day when SL hits the first time.

During the course of time you would understand what AW10 says, better way.

Happy Trading.

 

[Nehal_s143]

thanks, your reply is really help full to day traders, even i follow your last rule, i.e i see max 3 stop trade in a day, if 3rd trade hit stop, no 4th trade, as i am not in state of mind to trade 4th trade, even many time 4th trade is of good profit

 

[rakesh5295]

I liked all th points and will follow the last advise that after x no. of trades hit sl call off the day, the day is not for me.....

 

[oldnewbie12345]

I liked all th points and will follow the last advise that after x no. of trades hit sl call off the day, the day is not for me.....

And what if the next trade works out.... you end up beating yourself up!!!!!!!!!!!!!

Its a REALLY DIFFICULT QUESTION TO ANSWER.

I may dare to put the main point forward, trade a quantity that if it ends in a loss, should not hold significance for you.

In effect what I mean to say is, keep your qty so small, that a loss or two should not disturb you, either financially, or emotionally....

The trick is that the qty u consider small should be small relative to your account size. I am not asking a 2 cr margin account to take a single mininifty lot

What I mean is that if you have 2 lakhs in your account, dont attempt a stock future.... try a mini nifty ........

 

[NOMINDTR]

IMO, professional trading is all about taking every trade fresh. With no emotions, feels, shadows of previous trades. If you believe you could be so, it is enough to follow your own rule to prevent over trading. Pull the trigger :thumb:

 

[joy71]

Thanks AW10 or Awesome10 (as you like),
I have no words to describe your valuable lessons. It is always precise, to the point & above all it hurts your ego (the most dangerous thing in trading). I am speechless, the more I learn about your broad outlook, more I am getting attacted to this trade.

After all, I realised that this market is a great leveller and no one can be complacent (however, successful he/she might be) it is a continous process to learn & implement according to your own psychology and trading style.

I sincerely bow to your great heart & promise that if I ever become a successful trader, I will definitely share with this community.

Let's hope for the best.

Regards
Joy

 

[rsatheesh2002]

You are right we have to adjust our selves to manage both winning and lossing trades.

 

[sudoku1]

You are right we have to adjust our selves to manage both winning and lossing trades.

in mkts... never stand in an opposite trend .......... trusting miracles !!