Add that one word and it changes the situation - “I hate losing BIG”. Good point!
Can I ask what % of your overall account that was? Man, can’t imagine losses that big. I’d pull my hair out!
I can see the “friend angle” making potential losses even bigger. So maybe two heads aren’t better than one if you both have the same perspective and conviction. How do you get around that?
Just trade what you see, not what you think. And definitely not what someone else thinks.
Also, decide in the first place whether you want a trade or an investment.
Maybe a knowledge thing? Once I learnt the lesson and understood what I did was wrong, I don’t do it anymore. Maybe understanding risk management better and that the reason for your trade is not the reason the market moves. Once we understand we cant move the market, it makes closing a trade much easier.
OOH this is a good one right here. What IS the difference?
The glib answer would be that a trade is run by TA and an investment by FA.
Too much of this, me thinks. Just go with what the “smart guy” with views and followers says…
Great advice, thanks.
Would you say both are speculative?
25%, yes I pulled hair out and more! Was on the verge of divorce, couldn’t understand what was going on, eventually realized that the broker I was using was a scam! On the bright side I managed to turn it all around eventually, through sheer determination not to be beaten. It took me 12 months to recover the loss and am way up from that point today thankfully.
That’s why because of my bad experiences with forex brokers I decided to do something good and setup a website with only regulated brokers that can be trusted so that others don’t fall into that trap and to make a small commission from the brokers also.
Now the problem getting traders to use my site that I have spent months creating, people complain all the time. My site is completely free and offers the best there is and people still complain. You try to do good and people just shut you down. But that’s life I suppose.
Anyway the site is there for people who need the trust factor and understand how an affiliate works. It dont cost a user anything to sign up to a broker that I partner with its totally free but traders still enjoy wasting my time. No wonder why the industry is so cut throat. It’s all about being honest but unfortunately due to peoples behavior it doesn’t always pay.
Lucky my trading account is doing well!
So, once I bought some bitcoins and sold them at around 22k. I had a small profit but lost my potential gains thinking that is the peak it can go. I believe losses are part of the trading but we should know how to manage them well. And that is why managing the risk is very important part of the trading.
I would not call that a loss.
It is definitely not a loss. But I was trying to give an example of the situations where a person’s emotions can sometimes affect the trade. Just like that in relation to this thread topic, a person might think that maybe he will recover the loss if the trade goes in his favor after few moments but at the end if it does not, he definitely incurs a big loss.
Yeah fair enough. I get what you are doing pal
Wow, that’s huge! What changes did you make to gain it back? Was it just the strategy not working out, or something else?
If that was a loss, I’d be the biggest loser in the world! But I get what you’re saying.
A tip I’ve read a couple times this past week is to not try to “win back” a trade when you’ve come out with a loss. Write that last trade off as a loss, start your next trade with a clean slate. Don’t try to win back what you lost, recover the pips, however you want to think about it in your head. Losses are part of the game. Accept it and move on.
For people who like to dwell on mistakes / be hard on themselves, this is a challenging task. But I agree that this really saves you from digging yourself a deeper hole.
I guess it’s easier to do on demo. Real money is different.