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Strategies & Market Trends : Daytrading lessons learned the hard way
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To: Sammy who wrote (16)8/1/1999 10:41:00 PM
From: GBT   of 24
 
Hey Sammy, welcome to the thread. I think the biggest problem for new traders is closing out losing positions. Our egos tell us to hold on, the stock will come back, but what usually happens is that it continues its downward spiral. If you are unable to be plugged into the stock market during the day mechanical stop losses are needed to protect your investment. If you are daytrading, always have a mental stop when you buy the stock. Decide when you buy the stock what an acceptable loss is and close out the position when it is hit. This rule can not be broken. If you allow the stock to break your mental stop loss it becomes harder and harder to close out this position. I know it is sometimes painful and expensive to close out losing positions, but the lessons learned are sometimes more valuable than what was lost. Rule for the day Minimize losing trades and let winning trades run with tight stop losses. Good luck.
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