I think one of the hardest things to learn in trading is not as much making profits and how to pick good setups but how to keep the money you have and not lose it. Anyone agree?
You have 2500 in your forex account for example. The objective is to keep it. If you can break even on your trades or make profits then that's the right way. But you cannot lose anything below 2500 or you better have a good way to make it back. Too many people don't understand how significant it is to hold onto your initial account balance and not lose money from it. Make better sense?
(1) Can't imagine a trade where there's no risk of losing money, (2) If "If you can break even on your trades or make profit" isn't true, then you shouldn't be making the trade at all, right? (3) If (1) is true, then there's always a risk of dipping below $2500 on the first trade and no gauarantee that you'd make it back, so .... ..... don't trade, BnB, don't trade....
Alright buddy, you know, don't try to pull me into to this little negative energy bubble you have going on in your head because all I did was clarify a question you had. I'm really getting tired of the abuse on this forum by people like you saying "dont trade bnb dont trade" and I'm going to have to do something that you're probably not going to like, but it's for my own well being. You're not helping by making comments like that you know? I really believe you don't know of any good advice to say so that's the best you have, but I dont even call that advice, it's more adbuse. Guys, this thread is again trying to be attacked by BNB Bashers. Whoever starts bashing me again is getting complained on. If you have 2500 in your account you should be very careful with your trade and not lose a lot of that money, if you do, you can eventually say goodbye to that 2500. This is just my help being offered and once again its rejected by little "know it alls". PS: Damn , there are a lot of yahoos on this board. Thankfully I'm a conservative with strong upbringings.
I for one completely agree. The biggest drawdowns I have had are right after I've had a good run. Psychology plays a big part in this I think, doesn't hurt as much when you're losing money that feels like it isn't yours. I'm sure I'm not the only one who does this.
Um.... I was just taking your very silly and trite notion to its logical conclusion. Of course it's hard to not lose money. It's equally hard to make money (they are just flips of each other, no?) If you don't want to lose $2500, then don't trade. Trading entails probability of losing. Does that not make any sense?
Trading scared, or being worried about losses, isn't a healthy sign IMO. Losses are a part of trading and any successful trader understands that. If you're going to look at scratch trades as a positive and trade "not to lose" you'll face a big uphill battle. Worrying about heading south of some predetermined amount (i.e. $2500) makes it seem you have your focus on the dollar value of your account and not on executing successful trades. You can't control what the market does; rather you can only control your entries (and exits) and the outcomes will result in losses at times.