%% Yes,trex; + try to avoid break even. Because its really profit or loss + break even is not profit. I dont like the word loss also/ so i use the word ''expences or education'' LOL[ Edit; If you think break even is an answer on as tax form /not so]
Under 2 years ago I went all in on a new trading system but initially there was a learning curve and some mistakes were made. Anyway I ended up buying some dogs which immediately went underwater and I'm still holding them. Most were smallish positions but a couple weren't. Anyways, some I have managed to exstract myself from by just waiting, others still in red but slowly rising. My rationell was "I can't have bought so many dogs at the very top, surely they will recover". One gold explorer I bought at $0.003 and ever since its bounced between $0.002 & $0.001. Amazingly this gold explorer Co. has had some great gold discovery results but it fails to budge yet. I'll keep waiting...... nearly all these dogs have a good story for potential upside....
Ps: there's another reason for holding dogs. I like pain. I like the pain of failure always present. It is there to serve a purpose. "Don't fu^k up!!!" Pain keeps you humble and pain is not all negative. Having failed trades stare me in the face daily reminds me you don't want to be there. As mentioned, these are small positions made smaller by losses, they have minimal impact on my account.
%% That gold company sounds like a keeper tmickey; but any single stock is risky/but can be real rewarding [especially a top trender]. I was born in 1955/ i do etfs now.; but even a good one like qqq went down >80% in a bear market. I've owned NEM, good gold mine/not exceptional.......................................
I think first you have to get better at self-discipline by knowing your weaknesses, keeping it simple and having clear goals and an execution plan and doing it over and over...
But the problem for the majority, we never know our weakness. Others often can see our problem, where we don't. And when someone tells us our problem, often it doesn't sink in or if it does, much much later. Usually it's a major trauma in our lives which wakes us up.
Hi, i did a video on money management rules, both common sense and specific rules i follow. It is a long video, but i think worth it