Another key lesson in trading for me was to limit my losses. Under no circumstances I am allowed to blow my account. I was told something that I can probably never forget. It sounded very scary and I immiediatly had goosebumps after hearing it. "Do not blow up! If you blow up, game is over. Your day is over, your week is over, maybe your entire career is over."And true, no trade is worth such risk. Losing is okay, but you always want to keep yourself alive. Survive and live to fight another day. I also set myself a daily limit. If I reach it, then I am out. It usually happens when I struggle a lot and can`t get anywhere.
But now, I dont really feel so bad about those days. The next day I come in and usually make back my losses easily. Just after I started trading, it made no sense stopping. Being on the simulator, I just wanted to learn and trade as much as I could.
No comments:
Post a Comment