Every trader who ever goes broke does it the same way.
I have heard it said that Traders go broke because they are under capitalized, that isn't true. If You can lose $100.00, you can lose $1,000,000.00. The problem is the same in both traders, the refusal to let go of losses. The difference between the pro and the amateur isn't necessarily his/her trading ability. Trading is easy!
The difference is in how he/she takes a loss. A disciplined pro will say, " I will stop the bleeding here if I am wrong." The amateur says, " I am right and eventually the market will come back in my favor." If You are thinking that, You have lost Your advantage.
While a pro will let 10 profitable trade kill 1 loss, an amateur will let one loss eat the profits of ten profitable trades. Both traders had the same number of trades but one will end the month in profit and the other will end the month in stress and pain.
Cutting a loss quickly soon ends your attachment to that trade and allows You to pursue a more profitable trade set-up. Part of the reason it is so hard to cut a trade is because You waited forever for that trade set-up and now You not only have to admit that You did not have the advantage that You thought that You did, but now You have to start the process all over again and with a loss.
DON'T MARRY ANY POSITION; THE MARKET CAN CHANGE IN AN INSTANT!!!!!!!!
IT IS ESSENTIAL THAT YOU HAVE AN EXIT STRATEGY (ONE THAT WILL CAUSE YOU THE LEAST AMOUNT OF PAIN)IF THINGS DON'T GO AS YOU PLAN!
ANY TRADE CAN TURN INTO A LOSS!
If You play this game long enough, You will eventually meet with disappointment. It happens, cut and move on. The market will give You another chance to make profit.
Never allow yourself to become wounded beyond repair in the market, either financially or emotionally. Cutting a loss means that You love Yourself enough to save yourself.
If You are going to win at this game, You have to have the capital to play and cutting trades that have lost the edge is one way to thrive here.
Gotta learn to save yourself! If You are getting stopped out frequently, You have gotta to rethink your strategy because something is wrong.
Free Your mind to find good trade set-ups by cutting trades that are not working in your favor. Holding on to diseased trades only punishes You and eventually it can break You
The biggest discipline that a great trader learns is how to cut a loss
YOU CAN DO THIS (^_^)
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