Ken's Point three ( three losers and stop for the day) plus Volpri's Point three, are very sound points to be considered when considering a traders' use of self discipline in the market.
My solution is having a plan going into the trade. I have accepted that the trade will possibly be a losing trade and that the amount I lose is according to plan. I judge my success not by whether I make or lose money, but whether or not I followed my plan. It could turn out to be a good trade with a bad outcome. Taking the money out of the equation makes trading much less emotional.
%% Problem; some good trading rules tend to contradict one another , maybe not exactly but close to it. 1] let the profits ride. 2] NEVER let a profit turn into a loss. Its toughest when you first get in/first week in a trade , or the etf does not trend as well as you figured. SO discretion helps.I took a small profit on OGIG, worst long in my account/slowest gainer, even though YTD--its a top trender >58% ytd. Semi liquid 350,000 av day volume. Another clue; I think any good sector ETF should beat the qqq + it is ytd, but not last week, so good sell/exit...……………………………………………………………………………………………………….