Failure to understand risk/reward and why you're losing as a trader.

The market is a teacher, teaches very bad habits?

We, as students, once learned, found it very difficult to unlearn.

 

No, I just get out! In the phamous wordz of Phantom of the Pits:

NEVER let the market prove you wrong!

 

Just noticed, the tail is not as fat or wide as the previous fat tail. No wonder you are losing your "conviction".

 

I unlearned some bad habitz and now my tail does not flare up as bad when I have a position on. I'm on the fence between letting winners run and just taking my 20% like William O-Neil taught. There comes a point when you have enough money.

 

O'Neil had rules for not cashing out at 20%.

 

In that case, please share some of your $ with your friends on ET.

 

You would just scalp it away, instead of swing trading like a man and getting a nice lifestyle for your couple trades a week. Why should I throw good money after bad?

 

Do you follow any specific rules on when to exit?

 

I exit when the position is making me angry. You basically couldn't program an algo, AI entity, or gray alien to do this because it requires a human soul.

 

@Laissez Faire, one major difference between me and you, @volpri, most other day traders: most you folks trade leverage instruments like futures, forex, etc. whereas I trade stocks, index straight up without leverage.

It gives me several advantages.

1. I suddenly realized like @wxytrader said, I don't have to do any stop if I have conviction about directions.

2. Daily losses even at max is only 1-2%, hard to break the bank.

3. Therefore I shouldn't have to take quick profit, should naturally let profits run.

4. It is commission free, I can scalp and make small profits easier than trading futures.

Therefore, I can combine your and @volpri's methods and use scalping to pay for waiting, hunting BO.

Of course, without leverage, I need size to make some significant $.