Same here. For me it is a matter of doing what is most uncomfortable: adding size to a good position in anticipation of a big run rather than "locking in" partial profits so as to deal with the fear of loss. I used to fear loss quite a bit... but, over time as I've increased my size, the losses get bigger so there isn't any point in fearing it... its going to happen anyways. Catching a move without full-size is what I fear - but, then again, adding to a winner correctly requires the most skill/lack of fear IMO...
I think that would definitely depend on time frame, market, trade methodology, too many specifics to generalize imo. Maybe more interesting would be if the net numbers came out the same either way -- which side would you prefer to expose yourself to psychologically? Personally, of the two evils, I prefer getting out too early vs too late, if only because I'm better prepared to take the next trade if it's in the opposite direction. When I stay too late, it's likely I'll have missed a good entry point for the next trade.
I definitely worry more about missing the big moves than losing money... the market goes up, the market goes down... but the profit is always in those few big moves a year. If you miss those, you may as well forget the market and park everything in bonds. If you miss those, most years, you may not even beat bond rates. I try to cover downside anyway, but to make any money, you HAVE to accept some losses, if only the down days. I always marvel at the people with tight stops who wonder why they never make much. Because the market ALWAYS drops before it takes off again, and that's when you get stopped out to re-enter higher. Every time it does that, odds are good you missed the move. Doh.
above factors are irrelevant, as the saying goes winners win and losers lose. attitude is what counts in the end and determines how one uses the above factors. which is a winning attitude? I am afraid of giving back profits I am afraid of missing out on the big run
If you want to couch it like that, it's all relative. I get mad when I take an 80-pip move in 6 hours in the pound, and in the next 6 hours it moves another 70 pips (this happened yesterday). Now tell me, which attitude did I suffer from in this trade? What happens if the 80 pips went back to 0 instead of doubling? Which attitude would I be suffering from then? What if neither was really a winning attiude, but just wallowing in hindsight regret?
since I add to winners and losers I don't fear either, if it's a big move I will have on full size, if a winner turns into a loser it's just as likely a loser will turn into a winner.
I fear neither since I add to winners and I add to losers. If it's a big move I will have on full size. If a winner turns into a loser then it's just as likley a loser will turn into a winner. Hey man things can turn on you at any time both ways. Not to say I have no fear. I fear going broke, and you would too if you traded like me.
My biggest fear is that of losing sleep. I don't let anybody make me lose sleep.. I've gone to some lengths to run people off the edge of my world if they were making me lose sleep... I live one day at a time and I need my sleep so I can live that next day with some good quality of life... I like very fast trading because I get to average out a lot of trades and at the end of the day I'm good to go and it's, well, the end of the day. If I ever get the worst case Black Swan series of losing trades, they are all going to be small losses, I'm still going to be capitalized for the following day. I don't hold anything even into the After Hours let alone overnight. My second biggest fear is that of not having any market with enough volatility to trade. If anybody ever cures volatility I'd have to go fishing and I get bored fishing...