moonchild
VIP Contributor
In trading, it is always preached to traders to learn how to cut their losses short and let their profits run, this can be seen or taken as cliche but at the bottom of it it's the foundation of good trading, by taking losses quickly you'll be able to quickly develop an important skill which is knowing you're wrong and accepting it, quickly.
If you take a loss, it'll free up your mind and you'll be able to take other trades but holding on to losses will keep your mind occupied and you will be thinking on how to get of our losses instead of focusing on the market action and how to trade it.
You can automate this by using a stop loss as it helps protect your account if you're not around and make taking losses automatic for you as a trader all the time.
What's your experience cutting your losses short?
If you take a loss, it'll free up your mind and you'll be able to take other trades but holding on to losses will keep your mind occupied and you will be thinking on how to get of our losses instead of focusing on the market action and how to trade it.
You can automate this by using a stop loss as it helps protect your account if you're not around and make taking losses automatic for you as a trader all the time.
What's your experience cutting your losses short?
