Stop Trading - Shut Down For the Day

Discussion in 'Trading' started by ps0013, Jan 22, 2018.

  1. ps0013

    ps0013

    I have just decided to put myself on a Stop Trading $$ amount for each day. It seems like on certain days when I am not finding the correct entry & exit point and I have a number of negative trades it snowballs to a day of a large loss. If in these cases I had taken a 50% loss of what I ended the day with, it wouldn't have been so bad. And then when the sun comes up in the morning and it is a new trading day my vision is clear again. I think I make those bad days worse when I tell myself "don't stop trading, if you want to be a good trader you have to work through these bad days...but I think there is something to "live to trade another day".

    Anyone want to contribute on if they have a "stop" for the day...
     
    murray t turtle likes this.
  2. qxr1011

    qxr1011

    that is correct,

    but you are not a trader... yet
     
    ps0013 and speedo like this.
  3. ps0013

    ps0013

    I agree.
     
  4. ps0013

    ps0013

    Until my income relies on trading and I can do it successfully. Until then I continue to make the adjustments needed to get me to that point
     
  5. tomorton

    tomorton

    By the law of averages, some trades will be losers. But suspending trading makes it seem like these were errors or were not allowed for in the planning stage or went to unexpected depths of loss. Surely these things can'st be right? So why stop trading?
     
    ps0013 likes this.
  6. qxr1011

    qxr1011

    correct

    but income is not the only factor

    the fact that you feel under pressure is indicative that you are not there yet

    its like being in the rocket that trying to take off - tremendous pressures overcoming the gravity forces (archiving the first cosmic escape velocity) are on the astronaut and the rocket...

    but once you are in orbit all of this is behind
     
    ps0013 likes this.
  7. Handle123

    Handle123

    I use a time delay, like if I get 2 losses in a row, the area is not cycling to my systems, so software delays for 20-30 minutes and bar range distance can't exceed so many ticks, then program resumes taking trades.
     
    beginner66 likes this.
  8. ps0013

    ps0013

    I like a time delay and I thought about something along those lines. I think I am going to try the current DAY-STOP that i am using and once I feel more comfortable with the risk control of the day cycle I will try a trading time delay.
     
  9. ps0013

    ps0013

    The other half of the formula is that with a number of losses under the belt for a given day, I have increases in trade size (to catch up) so losses end up exponentially larger.
     
  10. tomorton

    tomorton


    Forgive me for saying this, but yes I thought you might say that.
    What makes you think you need to "catch up" so that you make money each and every day?
     
    #10     Jan 22, 2018
    murray t turtle, comagnum and 777 like this.