Currently 600 ticks offside in latest gold trade, thats an even bigger tick loss than the last Crude oil trade which lost 507 ticks. OP has a loss taking aversion. Thing is this journal started out well with the OP taking a 50 tick loss in CL. Which was superb risk management. Something to be proud of!! But what he is doing now really sucks
No wonder most traders lose money-- no paitence and buying their brokers nice homes from paying extensive fees and commissions due to over active trading. We are holdign the /YG here for the 300 plus move downward to fair value. surf
"Patience" (i.e., holding on to losers) is precisely what is killing your account...I suggest you go over the POP's advice with a fine tooth comb: http://www.webtrading.com/phantom/chapter5.htm
Thanks, I enjoyed the article. However, holding onto positions is also what has provided me the money to speculate with-- I believe the advice can go both ways-- as has been my experience. surf
I will also add that the POP only gave you an oversimplification of the concept...understanding it and implementing it are two different things entirely...you will have to think outside the box in order to implement "it" for your system...but in a nutshell you need to know when the odds of your trade working out as planned has eroded and cut your losses at that point instead of waiting for your stop to get hit or in your case a margin call.