Hey Joe! It is so hard sometimes to make myself exit a losing trade. What should I do? There is an old saying that goes like this: When day trading positions have had negative open equity most of the day, and an opportunity arises with less than 30 minutes of trading left in the day to exit the market at break even ─ go ahead and exit the market. Unless the market is moving rapidly in your direction with expanding-in-length bars, and no more than 5 minutes left, exit immediately and consider the opportunity to exit a gift. Day traders are limited by the number of minutes that exist in a trading day and their profit objectives must take this fact into account before trade initiation. It should be extremely rare for you to initiate a day trade with less than fifteen minutes to go before the Close. Better yet is to make it a rule to never ride a position having negative open equity. Unless you like to suffer, there is no point in holding a losing position for very long. Best bet is to exit losing positions as soon as possible, and wait for a more opportune time to reenter the market.
The trade was going deeper into the red as we sat and talked over dinner and coffee. I dug her real deep, the beautiful face, the silky skin, the tantalizing voice, but mostly it was her softness of spirit with a tinge of sorrow in the eyes. I noo the trade was either going to kill me or make my decade. What got me into the trade in the first place was when she accidentally bumped into me when entering the Pharmacy - as I accepted her apology, she flashed that deep look and in that instant I noo I had a chance. There was another indicator - the smile that accompanied that look - it said, "the door is not shut" Overall the trade felt like an incredibly difficult one to enter but while the HEAD said NO, the HEART and SPIRIT murmured softly, "go for it" I took the trade and asked her out. She said yes. At the dinner almost everything I said in "closing terms" was met with either vague response or what seemed like a shrug of the shoulders. And all the while I was pouring in more wherewithal and was getting in deeper as the REACH AND WITHDRAW MECHANISM hooked me in even tiefer. The temptation to jump ship was immense - I noo that if I left and called it a failed entry I'd be miserable for I truly felt I'd tasted paradise. I had a huge amount of myself invested in this trade - I couldn't let go. Much later into the dinner and coffee ...... And then all of a sudden the flow changed - couldn't really explain what it was, but there was a noticeable change in viscosity - the change in lightness emboldened me and I blurted, "would you like to live together with me?" ... that had an impact on her, no question about it - to disguise it she smiled and asked, "for how long?" Without hesitation I said, "till I die" From that point on the trade went north and didn't even have a correction to the 20 m.a. for 3 years.