Lol thank you for taking it on the chin! I do try simply to say what I think, so thank you for taking it in the spirit intended. For me, one mistake that newer traders make (I know that I did, in the early days) is try to compensate for a smaller account by targeting higher percentage returns. If you take this up as a career, then at some point you will be trading an account of $50k, $100k, perhaps more - at that point there’s just no need to get into 12% a day profit or risk. I always tried to trade my account the same way, knowing that the profits would become more meaningful as the account size increased. 5% pcm on a small account is peanuts, but on a $100,000 account, with some compounding it gets amazing pretty quickly. So I always tried to keep my single day ambition in check for that reason, knowing that if I got my method down then the good days would come. When I first started out, a 1% profit was £20, and I found it pretty frustrating - I’d work hard and have a great week and make £60 or £80!! But looking back, I made the right call. Train hard, fight easy, after all…
But if you can be 12% down, keep your head and end just 4% down - well that bodes very well for the future! (Sorry to ramble on again, btw lol.)
Quite agree (well, 99.9999% lol) - I have never traded without a Stop Loss, and I never will. Capital preservation is the key, for me, as it leaves me properly capitalized for when the market is paying nicely and I can take full advantage.
But here’s the 0.0001%: I’d never call a trader stupid for being stopped out at BE. Overcautious, maybe - anyone who held their nerve yesterday could have made money on an AUD/USD Long, this week - but caution to a point is the best policy, most of the time. So I’m sorry you didn’t make money from those two trades, but you were not stupid in my opinion, you just played it safety first.
And I like the Chinese saying, thanks for sharing!!
ST
